Alliance & Leicester given record £7m fine for PPI failings

For three years from January 2005 to December 2007, A&L sold approximately 210,000 PPI policies to clients seeking a personal loan at an average price of £1,265. However, there was a general failure by advisers to give customers details of the cost of PPI. In addition A&L sought to find reasons to sell PPI without properly considering what customers needed. The company also failed to make it sufficiently clear that PPI was optional and trained its staff to put pressure on customers where they queried the inclusion of PPI in their quotation or challenged advisers' recommendations. Mar...