A handful of the UK's largest banks and lenders are set to be landed with multi-million pound fines from the Financial Services Authority over the next few weeks for mis-selling payment protection insurance, reports the Independent .
The regulator has been investigating the sector for the past two years and said only two weeks ago the PPI inquiry is now one of its biggest pieces of ongoing work. Three companies - Loans.co.uk, the mortgage firm Regency and the retailer Redcat - were landed with fines of £455,000, £56,000 and £270,000 respectively last year. But the next round of enforcement cases is set to involve much larger high-street names, with fines expected to run to seven-figure sums, says the paper. The Office of Fair Trading (OFT) is expected to refer the market to the Competition Commission over the next...
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