Nelson Insurance

The Financial Services Authority has confirmed that it has handed down its heftiest fine yet in relation to the sale of Payment Protection Insurance cover, or PPI. The UK’s financial regulator has fined the HFC Bank £1 million for breaches in relation to its sale of PPI. HFC trades under the name Beneficial Finance, as is part of the HSBC Group. PPI is designed to cover repayments on finance for a specified period of time if the borrower cannot make repayments due to sickness, accidents, or redundancy. Read the rest of this entry »

Popularity: 32% [?]

Problems with the Payment Protection Insurance have resulted in the Liverpool Victoria Banking Services (LVBS) being fined £840,000. This was because the bank added the cost of this insurance to the customers’ accounts without their permission and without a request from the customers. The 14, 500 customers that took out payment protection policies between 2005 and August 2007 will be reimbursed automatically for the interest on the extra amounts of money that they paid for such insurance. The LVBS has apologized to its customers for this drastic mistake. Read the rest of this entry »

Popularity: 37% [?]