The UK Financial Services Authority is aggressively penalising financial service providers for regulatory breaches relating to dealings with customers.
Here are some recent examples:
- Hastings Insurance Services Ltd (Hastings) fined £735,000 for failing to treat its customers fairly in relation to cancelling around 4,550 incorrectly priced car insurance policies.
- Liverpool Victoria Banking Services Limited (LVBS) fined £840,000 for serious failings in the sale of single premium Payment Protection Insurance (PPI).
- PMSG Insurance Services Ltd fined £35,000 for failing to ensure advice given to customers was suitable and for not organising its business responsibly and to properly manage risk.