Money Marketing has just announced:
"The FSA has fined HFC Bank £1,085,000 for failing to give suitable advice to customers buying payment protection insurance.
This is the biggest fine related to PPI to date and the FSA says it will be imposing higher fines for firms that fall short in relation to PPI.
HFC failed to have adequate systems and controls in place for the sale of PPI and its procedures did not require advisers to gather sufficient information about customers' circumstances.
The FSA found that between January 2005 and May 2007, HFC did not require advisers to explain fully why they recommended a particular policy or identify to customers any demands and needs which the policy would not meet.
These and other failings meant that HFC put its customers at an unacceptable risk of being sold PPI when it was not suitable for them."
John Tegg
www.protectiva.co.uk
0845 673 9999
We will make all your IVA payments for you if Accident or Sickness stops you paying them yourself.
