Reclaim GE Capital PPI
GE Capital Bank Ltd (GECB) were fined by the Financial Services Aurthority (FSA) for failing to have adequate systems and controls for the sales of Payment Protection Insurance (PPI) on store and credit cards. Over 850,000 policies were sold by retailers selling the insurance on behalf of GEBC in 2005 alone.
Penalty given: £610,000
Reasons for this penalty:
- Failing to provide adequte policy information to customers before they made a decision whether or not to take out the insurance
- Failings in staff training
- Failures in organising and controlling their affairs in a responsible manor
- Failing to treat customers fairly
- Lack of adequte sysems and controls to monitor PPI sales
- Staff who weren’t complying consistently with sales procedures
- Failings in monitoring systems
What the FSA said:
“Millions of people take out store cards every year. They need to know that PPI is almost always optional and should consider whether they need it before signing up.
“Our focus on Payment Protection Insurance will remain very high this year. We are determined to see significantly better practice in PPI sales and will crack down where firms fail to treat their customers fairly.”
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