A&L hit with record £7m fine for PPI failings

In a case described by the regulator as “the most serious we have found”, A&L was hit with a PPI record £7m reprimand but received a £3m discount for settling at an early stage. Only Royal Dutch/Shell with a £17m fine for market abuse in 2004 and Citigroup, which took a £13.9m hit for breaching two of the FSA’s principles a year later, have had to shell out more. The regulator says between 2005 and 2007 A&L sold approximately 210,000 PPI policies at an average price of £1,265, but found there was a general failure by advisers to give customers details of the cost of PPI. A&L sought t...