Payment Protection Insurance (PPI) related fines for Car Dealers
The Financial Services Authority (FSA) have ‘cracked down’ on the mis-selling of Payment Protection Insurance (PPI), fining five car dealers £175,000 each.
The car dealers were fined because of their failure to monitor and regulate the advice staff gave to customers, creating an ‘unacceptable risk’ that the PPI policies could be mis-sold. There have been countless reports of companies selling to a captive audience, such as the self-employed – which would find it extremely difficult to claim under a PPI policy.
It is was estimated that for every £100 of PPI business generated £39 of profit. In such a lucrative industry, it’s not just car dealers that have been mis-selling PPI. Retailers such as Land of Leather and HFC have also been found guilty of mis-selling PPI and fined accordingly by the FSA.
Have you been mis-sold a PPI policy? If so, please visit www.cloud9claims.co.uk for a no-win-no-fee consultation.
