UK Money News
30th July 2008
Liverpool Victoria hit with £840k fine
Liverpool Victoria Banking Service (LVBS) has been fined for a lack of transparency over the sale of payment protection insurance (PPI) with personal loans.
The company was fined £840,000 by the Financial Services Authority (FSA) after it was found to have added the cost of the cover to the loan without requesting the permission of the client.
It was also found to have put pressure on customers who noticed they were being charged for PPI and did not want it.
The fine represents the second largest ever for PPI miss-selling imposed by the watchdog.
Margaret Cole, director of enforcement at the FSA, said: "We have made it abundantly clear that firms must ensure their PPI sales processes are up to the required standards and must change their behaviour where necessary. The LVBS sales process was flawed in its design."
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