Reclaim Regency Mortgage PPI

Regency Mortgage Corporation Limited were fined by the Financial Services Aurthority (FSA) for failures in their sales of mortgage related Payment Protection Insurance (PPI) between January 2005 and November 2005

Penalty given: £56,000

Reasons for this penalty:

  • Failing to organise and resposibly control its affairs
  • Failure to provide adequate risk management sytems
  • Failing to collect sufficiant personal details from customers to ensure the right policy/advice was given
  • Lack of care, diligence and due skill when conducting business
  • Failing to treat customers fairly
  • Selling policies to customers who re-mortgaged their homes despite them already having the cover
  • Selling unsuitable policies to customers without making them aware certain parts of the cover would not apply to them
  • Failing to keep adequate records providing essential information regarding advice given to customers
  • Lack of adequate compliance functions
  • Failures in monitoring procedures and failure to identify breaches of regulatory requirements

 

What the FSA said:

“We have highlighted Payment Protection Insurance as an area of high potential risk to consumers and we said following our thematic review last year that we were considering enforcement action where serious breaches had been identified. Regency Mortgage Corporation Limited exposed its customers to an unacceptable level of risk and our action sends out a message to firms operating in the payment protection market that they must operate in a way that treats their customers fairly and meets regulatory requirements.”


Fill out the form below to make a claim...

Claim Type: Mis-sold Mortgages Mis-sold PPI Care Home Claims
Full Name:
Contact Number:
Email Address:
Address: