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Some Major Mis-Sellers.
Since the PPI scandal came out, many consumers and borrowers began to wonder if they were ever sold PPI improperly when they took out a loan or applied for a credit card. One of the quickest ways to check is to see which of the providers have been fined by government regulators for treating customers unfairly.
- GK Group Limited, George White Motors Limited, Ringways Garages (Leeds) Limited, Ringways Garages (Doncaster) Limited, and Park’s of Hamilton (Holdings) Limited: These five motor retailers were fined a total of more than £175,000 in August of 2008. They exposed a total of 2,175 customers to the risk of being sold unsuitable PPI policies.
- HFC Bank (also trading as Household Bank and Beneficial Finance): This institution was fined £1,085,000 in January of 2008. They sold PPI to their customers even though it was not appropriate for them. These mistakes happened between January of 2005 and May of 2007.
- Loans.co.uk: They were fined £455,000 in October of 2006. They didn’t have the proper systems and controls to minimize the risk of unsuitable sales.
- Redcats: They were fined £270,000 in December of 2006 because they didn’t have adequate systems and controls in place to minimize the risk of unsuitable sales.
- Regency Mortgage Corporation: They were fined £56,000 in December of 2006. They did not collect enough information during a PPI sale to make sure that their recommendations met customers’ demands and needs.
- Capital One: They were fined £175,000 in February 2007. They failed to make sure 50,000 customers who bought credit cards and loans between January 2005 and April 2006 received important information about the policy.
- Land of Leather Ltd: They were fined £210,000 in May of 2008. They allowed their sales force to sell PPI without effective monitoring or training between May of 2006 and Feb of 2007.
- Liverpool Victoria (LV): They were fined £840,000 in July of 2008 for serious failings in the sale of single premium PPI on telephone loans sold between 14 January of 2005 and 8 August of 2007. The company agreed to compensate customers if their policy was not appropriate and to refund interest automatically.
- Alliance and Leicester (A&L): They were fined £7 million in October of 2008 for serious failings in PPI telephone sales between January of 2005 and December of 2007. A&L said it would write to all customers concerned.
- Swinton: They were fined £770,000 in October of 2009 for serious failings and an unacceptable level of non-compliant sales (on cover for home or motor insurance) between December of 2006 and March of 2008, when it stopped selling PPI. The company said it would contact over 350,000 customers who paid for the PPI and offer a full refund. They would also proactively review previously rejected claims.
- Carcraft: They were fined £91,000 in May of 2012 for the poor monitoring of PPI sales between April of 2007 and September of 2008.
- The Co-operative Bank: They were fined £113,300 in January of 2013 for unfairly putting complaints on hold during the legal challenge in 2011.Lloyds Banking Group: They were fined £4,315,000 in February of 2013 for failings in their systems and controls that resulted in up to 140,000 customers receiving delayed payment between May of 2011 and March of 2012.
If you have taken a loan or applied for a credit card with any of the providers above, you may have been improperly sold PPI!