GE fined for high street PPI handling

A statement just issue by the FSA says GECB has been fined £610,000 for several compliance failures in relation to the sale of PPI, AR training and monitoring of systems. It is thought this is the first of at least 10 big-named firms to be fined by the FSA for what it considers to be a failure to treat customers fairly in relation to the sale of PPI. The fine specifically relates to GECB’s systems and controls for sales of PPI and “for failing to treat its customers fairly” and the FSA’s stance suggests it was not clear enough to consumers the purchase of such insurance was voluntary. Th...