PPI Fines

As more broker firms are fined for exposing financial consumers to PPI mis-selling, be sure to check if you are eligible for a refund on your PPI payments.

Financial Services Authority

Last week, the Financial Services Authority (FSA) disciplined two broker firms and fined four industry members in its latest attempt to protect consumers against rogue practice in the mortgage and insurance industries.

FT Compliance Services (FTCS), based in Essex was handed a £10,500 fine by the FSA as David Head, Director of the company, was found to provide inadequate supervision of his representatives. This left consumers at risk of being vulnerable to PPI mis-selling.

Fined for Mis-selling PPI

This latest round of fines were largely due to the fact that brokers at FT Compliance Services failed to take into consideration if medical conditions or existing insurance cover made PPI suitable for their clients. Additionally no evidence was found to show that clients were told that thеу сοuld bυу PPI from other providers who could offer more suitable cover.
In some cases PPI was mis-sold tο those who had medical conditions which voided their eligibility to make a claim. If this sounds familiar, you may be entitled to a PPI refund.
Sally Bowyer, Managing Director of leading claims firm, BrunelFranklin.com said: “We continue to see a huge increase in PPI claims as public awareness gradually rises. Horrendous cases of mis-selling are still coming to light; as people feel the financial squeeze and learn of the PPI claims successes of friends, family and colleagues, the upward trend in the number of people claiming is likely to continue for the foreseeable future.”

Learn more about PPI refunds and find out if you could apply for a refund today! Visit the website www.brunelfranklin.com or call Brunel Franklin, free, on 0800 051 54 51.