Managing director Anthony Sultan says he welcomes the recent fine imposed on HFC and adds that research has shown many companies are still routinely mis-selling PPI policies.
He says: “Companies cannot ignore the regulator with impunity and cannot expect to get away with it. The fine sends out a clear message to other vendors that they cannot continue with the widespread mis-selling of worthless PPI policies that many consumers don’t even know they have.
But Sultan says the amount of the fine is “miniscule” compared to the scale of the mis-selling scandal.
He says: “We would like to see the FSA imposing higher fines in the future, that better reflect the disgraceful way which consumers have been treated.
“It is estimated that there are 25 million PPI policies currently in force in the UK. From the thousands of claims that we are currently processing, we believe the vast majority have been mis-sold. It appears that the PPI mis-selling scandal is even greater than that experienced with endowment policies.”