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The Financial Services Authority (FSA) has fined Loans.co.uk £455,000 for
failing to care for its customers' interests when selling PPI.
The internet loan sales company was found to be negligent for not giving out
enough information to help consumers make an informed choice on whether its
policies were best suited to them.
The company was also found to be neglecting its duties by failing to collect
enough information from clients at the point of sale of PPI to ensure it was
applicable to their situation.
Margaret Cole, FSA director of enforcement, explained: "We have highlighted PPI
as an FSA priority due to the potential level of risk to consumers.
"Loans.co.uk Limited failed to make sure adequate processes were in place to
ensure the suitability of its PPI recommendations and treat its customers
fairly."
Source:
Getting Paid
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