Posted on 27 May 2009
Regency Mortgage Corporation
The Financial Services Authority fined Regency Mortgage Corporation Limited (Regency) £56,000 for failures relating to its sale of mortgage related Payment Protection Insurance (PPI) in the sub prime market. It is the first time the FSA has taken action against a firm for sales of PPI since the regulation of general insurance started in January 2005.
The FSA said that “Regency did not treat its customers fairly and failed to organise and control its business effectively. In particular, Regency did not collect sufficient information during a PPI sale to ensure its recommendations met customers’ demands and needs. In a number of cases customers were sold a policy for which they already had cover or were sold a policy under parts of which they were unable to claim. In addition, both Regency’s procedures for compliance and record keeping were inadequate and senior management did not receive sufficient information to identify risks in PPI sales.
Regency’s breaches were particularly serious because as a specialist in the “Right to Buy” market, its customer base consists primarily of sub-prime customers who traditionally have limited financial means and access to credit. The risks for these customers are therefore high if they are not eligible to claim on a recommended PPI policy or if the policy is not suitable for their demands and needs.”
For more information on Regency Loans see the FSA’s web site:
http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/088.shtml
CLAIM NOW
If you answer Yes to one or more of the following questions you may have a claim for PPI refund -
- Regency Mortgage failed to ask me about any pre-existing medical conditions when I took out a PPI policy
- Regency Mortgage failed to ask if I was or was shortly due to become self-employed when I took out the PPI policy
- Regency Mortgage failed to ask if I was retired or very close to retirement ages when I took out the PPI policy
- Regency Mortgage failed to ask if I was not employed (including student) when I took out the PPI policy
- Regency Mortgage failed to ask if I was a public services employee when I took out the PPI policy
- Regency Mortgage failed to ask if I had other protection policies in place when I took out this loan
- Regency Mortgage failed to advise me that I did not need the PPI policy as I could have repaid the loan/outstanding balance using my savings
- Regency Mortgage failed told me that the PPI policy was compulsory and not optional
- Regency Mortgage failed to ask if I was not aware that the PPI policy was optional
- Regency Mortgage 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
- Regency Mortgage did not make me aware of the cost of the premiums on the PPI policy
- Regency Mortgage did not make me aware that the PPI policy cost would be added to the loan and I would pay interest on the cost
- Regency Mortgage did not make me aware that I had taken out the PPI policy when I took out the loan
- Regency Mortgage did not make me aware that I could purchase alternative PPI policies with other providers when I took out the loan
- Regency Mortgage 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 Assessment 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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This Firm is regulated by the Solicitors Regulation Authority
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