• From The BBC:

    Alliance & Leicester has been fined a record £7m by the City watchdog for three years of mis-selling sales of payment protection insurance (PPI).
    The Financial Services Authority said the bank had trained its staff to put pressure on customers who queried the inclusion of optional PPI in a quote.
    A&L apologised for its “shortcomings” and said it would pay people back.
    PPI is typically sold alongside a loan and provides cover if the debt repayments cannot be met.
    A&L sold approximately 210,000 PPI policies to customers seeking a personal loan averaging £1,265 from January 2005 to the end of 2007.
    The FSA said there had been a general failure by telephone advisers to give customers details of the cost of PPI.
    “The failings at A&L are the most serious we have found. This is reflected in the record PPI fine,” said Margaret Cole, FSA director of enforcement.

    She said that customers should be able to rely on impartial advice based on their individual circumstances.
    It w…

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    Posted by Jon @ 8:21 pm

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