On 30 July the FSA fined Liverpool Victoria Banking Services Limited for failings in the sales processes for payment protection insurance (PPI).
The FSA found that Liverpool Victoria added PPI to the quotations given to customers for personal loans without the customer asking for cover. Further, sales staff put pressure on customers who did not want to take PPI cover when they realised that it had been added to the loan. The FSA found that inadequate information was given to customers about the features and exclusions of PPI when offered to telephone customers and what information was provided was not clear, fair and not misleading.
For further information: Liverpool Victoria Banking Services to pay £840,000 fine plus compensation to PPI customers