The FSA has fined Liverpool Victoria Banking Services (LVBS) £840,000 for serious failings in the sale of single premium Payment Protection Insurance (PPI).
LVBS will also be required to pay compensation to customers who brought PPI whilst seeking unsecured personal loans between 14 January 2005 and 8 August 2007. According to the FSA, LVBS added the cost of PPI to a customer's quotation without the customer asking for it. It is also being accused of putting pressure on those customers who realised that they did not have to buy the cover and objected to it. In addition the company was found to be providing inadequate information to its telephone customers about the feature, exclusions and limitations of PPI and often provided information t...
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