Reclaim Eastern Western Motor Group PPI
Eastern Western Motor Group Limited (EMWG) were imposed a public censure by the Financial Services Aurthority (FSA) for failings in their controlling and management of Payment Protection Insurance (PPI) sales between January 2005 and June 2006.
Penalty given: Public censure
Reasons for this penalty:
- Failing to organise and control its affairs effectively
- Failing to keep adequate records of PPI sales
- Failures in providing adequate policy information to customers
- Failure to inform customers of total costs of their policy
- Lack of adequate monitoring systems
- Inadequate staff training
- Failures in show due regard to customers needs
What the FSA said:
‘The sale of PPI is a priority for us due to the high potential risk for consumers in the way this product is sold. EWMG’s failings, particularly those regarding the statement of price, created a risk of consumer detriment. A clear statement of price is essential in order for a customer to be able to determine whether the PPI policy is the right product for them. EWMG could not determine whether sales staff were operating in a way which paid due regard to the information needs of customers, as there was little or no monitoring of sales staff. We have taken a number of enforcement actions relating to PPI recently and there will be more to follow.’
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