Reclaim Redcats PPI
Redcats Limited were fined by the Financial Services Aurthority (FSA) for failing to treat their customers fairly when selling and for the lack of adequate systems to minimise the risk of providing unsuitable Payment Protection Insurance (PPI) between January 2005 and July 2006.
Penalty given: £270,000
Reasons for this penalty:
- Failing to conduct business with due care or skill
- Failure to take responsibly care organising and controlling their affairs
- Lack of adequate risk management systems
- Failure to treat customers fairly
- Failing to have adequate systems to monitor the sales of PPI
- Failures in infoming customers of the limitations and exclusions in their PPI policy
- Failing to obtain and sufficiantly use personal information from customers when recommending policies
- Failing to comply with the FSA’s requirements for the selling of PPI
- Failures in paying due regard to their customers interests and needs
What the FSA said:
‘We have highlighted Payment Protection Insurance as an FSA priority due to the potential risks to consumers. As a result of its systems and control failures Redcats exposed its customers to an unacceptable level of risk. Firms offering PPI must operate in a way that treats their customers fairly and meets regulatory requirements.’
Fill out the form below to make a claim...
