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The FSA is now hitting companies where it hurts, says Which?

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As the Financial Services Authority (FSA) announces that it has fined Alliance & Leicester £7million for mis-selling Payment Protection Insurance, Which? Chief Executive, Peter Vicary-Smith, says: "It is great to see the FSA hitting companies where it hurts. This record PPI fine should send out a clear message to other companies that mis-selling will be severely punished. Now the fine has been set, we want everyone who was mis-sold to get their money back. This can be done by ensuring that any communications to consumers are clear and straightforward about their rights. Anyone who has a personal loan or credit card should check whether they have a PPI policy and, if they think it was mis-sold to them, should consider making a complaint."

 

Income protection insurance: News update: October 2008

 

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