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FSA fines five motor firms more than £175,000 for PPI failings

The FSA has fined five motor retailers more than £175,000 for serious breaches of PPI regulation.

The regulator fined GK Group Ltd £51,100, George White Motors Ltd £28,000, Ringways Garages Ltd in Leeds and Doncaster £35,000 and Park’s of Hamilton Ltd £61,600 for putting 2,175 customers at risk when selling PPI alongside car and motorbike loans.

According to the FSA the five firms failed to gather enough information about each customer and failed to monitor the quality of the advice given by sales staff. One firm did not adequately assess whether customers were eligible to claim for benefits from the PPI policies they sold, and another did not assess complaints properly.

FSA Director of Enforcement Margaret Cole says: “Motor retailers that sell PPI have to meet the same standards as the rest of the financial services industry. All firms selling PPI must treat their customers fairly, including taking proper steps to make sure sales are suitable and customers are eligible to claim on the policy.

“Where we discover PPI failings, we will not hesitate to take tough action and impose higher penalties.”


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Canada Life annual IHT survey results

75% of wealthy unaware of new residence nil rate band IHT allowance Just 4% were aware the new allowance will be up to £175,000 per individual Lack of awareness of IHT rules means families risk paying a bigger bill than they need 83% think the current inheritance tax rules are far too complex A remarkable […]


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