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LivVic must pay back interest on missold PPI

Liverpool Victoria Banking Services has been fined £840,000 and could be forced to pay back up to £23m to customers for serious failings in the sale of single-premium payment protection insurance.

Interest on PPI premiums will be refunded automatically and the provider will write to 14,000 customers offering to pay full redress where appropriate. It is understood to have made £23m from these policies which were sold between January 2005 and August 2007.

LVBS automatically added PPI to quotations when cust- omers sought unsecured per- sonal loans. Where customers knew PPI was optional and objected to it, the company put pressure on them to take up the cover.

FSA director of enforcement Margaret Cole says: “The firm has stopped all sales of PPI and is proposing a comprehensive programme to contact its customers and pay them compensation where appropriate.”

An LVBS statement says: “The practice of automatically adding PPI to the quotation and not clarifying full costs was rectified by July 2006.”

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