News From november 2009

November

FSA fines Swinton Group £770,000 for PPI failings

The Financial Services Authority has fined Swinton Group, the high street insurance broker, £770,000 for serious failings in their advised sales of single premium payment protection insurance. Following discussions with the regulator, Swinton has also agreed to contact over 350,000 customers who paid for the PPI and offer a full refund. Between December 2006 and March 2008 the FSA found that the firm’s PPI sales process was flawed.