UK Money News
13th May 2008
FSA fines Land of Leather £210,000
Land of Leather has been found guilty of exposing tens of thousands of customers to an unacceptable risk of buying unsuitable payment protection insurance (PPI).
An investigation conducted by the Financial Services Authority (FSA) found that the furniture retailer had used inadequately trained sales staff to sell PPI along with loans.
As a result, the FSA imposed a fine of £210,000 on the company and a penalty of £14,000 on chief executive Paul Briant for his part in the breach of financial regulations.
A spokeswoman at the FSA, said: "We're looking at loans and PPI as a whole. As part of its work, the FSA is looking at retailers with loans on retail goods.
"PPI is a major area, and it's an area with very large consumer detriment. We'll be doing a lot on it in the future as well."
Around 58,000 customers were deemed to have been put at risk by Land of Leather's actions.
PPI covers borrowers in the event of them losing their source of income through falling ill or being made redundant.
back to May's Money News
This article and more Latest Money News can be found on MoneyCrocodile.co.uk
Personal Loans from UKPersonalLoans.com
Personal Secured Loans for Homeowners and Personal Tenant Loans for Non-Homeowners. You can apply online for an Any Purpose Loan or Personal Debt Consolidation Loans or use one of our Loan Calculators.
Debt Advice from ReduceDebt.com
Debt problems? Refused a loan? Got CCJ's or Arrears? Get the best advice and help by enquiring online. Our Debt Professionals will help you whatever debt problems you have. Some of the options available to you are Debt Management, Debt Consolidation, Debt Couselling and IVAs,
UK Personal Finance from MoneyCrocodile.co.uk
UK Online Personal Finance site covering: Loans, Mortgages, Credit Cards, Insurance, Debt Advice, Bankings and Savings, Finance Tools and Money Jargon. We also cover Any Purpose Loans, Secured Loans, Personal Loans, Tenant Loans, Car Loans and Debt Consolidation Loans. If you are looking for Personal Finance let Money Crocodile put a smile on your face.
Car Loans from GBCarLoans.com
Don't just accept the dealers finance - get a quote from us before you buy!. UK Car Loans for New Cars or Used Cars: Supermini, Small, Hatchback, Saloon, Estate, MPV, 4x4, Sports, Luxury, Executive, Cabriolet or Classic Car.
Tenant Loans from TenantLoan.com
If you're looking for a low cost tenant loan, then look no further. We aim to find you a highly competitive interest rate and you can borrow anything from £5,000 and £250,000 with up to 25 years to pay.
