Posted on 27 May 2009
HFC Bank Ltd (HFC)
The Financial Services Authority (FSA) has fined HFC Bank Ltd (HFC) on 16.01.08 £1,085,000 for failing to take reasonable care to ensure that the advice it gave customers to buy Payment Protection Insurance (PPI) was suitable, and for failing to have adequate systems and controls for the sale of PPI.
The FSA found against HFC Bank Ltd (HFC) that as a result of HFC’s inadequate systems and controls:
- it did not have effective systems to train and monitor its staff and failed to ensure that its procedures for monitoring sales staff effectively identified and investigated potentially unsuitable sales;
- management information provided to HFC’s senior management was not sufficient to enable them to identify problems with the sale of PPI; and
- its records were not sufficient to demonstrate its sales were suitable.
For more information on HFC Bank Ltd (HFC) see the FSA Web Site:
http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/004.shtml
CLAIM NOW
If you answer Yes to one or more of the following questions you may have a claim for PPI refund -
- HFC failed to ask me about any pre-existing medical conditions when I took out a PPI policy
- HFC failed to ask if I was or was shortly due to become self-employed when I took out the PPI policy
- HFC failed to ask if I was retired or very close to retirement ages when I took out the PPI policy
- HFC failed to ask if I was not employed (including student) when I took out the PPI policy
- HFC failed to ask if I was a public services employee when I took out the PPI policy
- HFC failed to ask if I had other protection policies in place when I took out this loan
- HFC failed to advise me that I did not need the PPI policy as I could have repaid the loan/outstanding balance using my savings
- HFC failed told me that the PPI policy was compulsory and not optional
- HFC failed to ask if I was not aware that the PPI policy was optional
- HFC failed advise me that I would get a better interest rate or the PPI would cost much less if I took the PPI policy out with another insurer
- HFC did not make me aware of the cost of the premiums on the PPI policy
- HFC did not make me aware that the PPI policy cost would be added to the loan and I would pay interest on the cost
- HFC did not make me aware that I had taken out the PPI policy when I took out the loan
- HFC did not make me aware that I could purchase alternative PPI policies with other providers when I took out the loan
- HFC did not make me aware that the PPI policy did not cover the life of the loan
If you think you have a claim take our 1 minute test by clicking on the link below.
Quick PPI Claim Form - Click Here
We operate a NO WIN NO FEE policy so you have nothing to lose to refund your PPI.
R James Hutcheon Solicitors
The Heath Business & Technology Park
Runcorn
Cheshire
WA7 4QX
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