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PPI fines set to surge, says

Fines for PPI vendors are set to surge in 2008 as millions of consumers become more aware that they have been mis-sold PPI, according to

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.”


Greece lightning

Investor confidence is understandably fragile as the market gauges the extent of the fallout from the credit crisis. Hopes hinge on resolving the financial dislocation inthe developed markets but it is just as important that the emerging economies of Eastern Europe and Asia continue to perform well.

General knowledge

So the FSA is advertising for a new chairman to replace Sir Callum McCarthy who,I believe, never intended to seek a second term so, in all fairness, we can say , his decision is nothing to do with the Northern Rock debacle with which his term as chairman of the FSA will forever be associated.

A&L pledges to focus on

Alliance & Leicester has denied that it is turning its back on the mortgage market after a 30 per cent drop in profits.A spokesman insists that the mortgage market is still very important for the bank but it anticipates a lower lending volume this year. He says reports in the media that A&L has closed […]

House prices will fall 15 per cent but no crash, says Jewson

Independent investment consultant Jewson Associates has predicted a 10-15 per cent fall in house prices over the next two years.Head of strategy Tim Brown says it does not believe the UK will see a crash in the housing market nor a recession on the scale of that seen between 1990 and 1992. Brown says: “To […]

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