Posted on 27 May 2009
GE Capital Bank Ltd
The Financial Services Authority (FSA) has fined GE Capital Bank Ltd £610,000 for failing to have adequate systems and controls for selling insurance which includes Payment Protection Insurance (PPI) and for failing to treat its customers fairly.
GE Capital Bank’s main business is providing credit finance through store cards, credit cards and sales finance. The store cards are usually branded in the name of the retailers (who are appointed representatives of GE Capital Bank) and the insurance is usually offered to customers at the till when they are applying for a store card. If not bought at the till, customers are contacted later by GE Capital Bank’s telesales staff.
GE CAPITAL FINED PPI CLAIMS
GE Capital PPI Claims Form
The FSA found that GE Capital Bank had widespread non-compliant selling practices. The breaches arose in the following areas:
- Sales: the firm failed where appropriate to review, amend and then operate its sale procedures to ensure that all customers received adequate information about the policy before they made a decision on whether to take insurance.
- Training: in light of evidence that sales staff were not complying consistently with its sales procedures, the firm failed to amend its training procedures.
- Monitoring and management information: the firm failed where appropriate to ensure its monitoring procedures were effective and failed to act in response to management information which was collected and available.
- Customers: the firm failed to implement any procedure to contact customers to remedy the non-compliant sales identified by its monitoring procedures.
- Compliance: the firm failed to resource the compliance function adequately.
For more information please visit the FSA Web Site:
GE CAPITAL FINED PPI CLAIMS
GE Capital PPI Claims Form
If you answer Yes to one or more of the following questions you may have a claim for PPI refund -
- GE Capital failed to ask me about any pre-existing medical conditions when I took out a PPI policy
- GE Capital failed to ask if I was or was shortly due to become self-employed when I took out the PPI policy
- GE Capital failed to ask if I was retired or very close to retirement ages when I took out the PPI policy
- GE Capital failed to ask if I was not employed (including student) when I took out the PPI policy
- GE Capital failed to ask if I was a public services employee when I took out the PPI policy
- GE Capital failed to ask if I had other protection policies in place when I took out this loan
- GE Capital failed to advise me that I did not need the PPI policy as I could have repaid the loan/outstanding balance using my savings
- GE Capital failed told me that the PPI policy was compulsory and not optional
- GE Capital failed to ask if I was not aware that the PPI policy was optional
- GE Capital 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
- GE Capital did not make me aware of the cost of the premiums on the PPI policy
- GE Capital did not make me aware that the PPI policy cost would be added to the loan and I would pay interest on the cost
- GE Capital did not make me aware that I had taken out the PPI policy when I took out the loan
- GE Capital did not make me aware that I could purchase alternative PPI policies with other providers when I took out the loan
- GE Capital 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.
GE Capital PPI Claims Form
We operate a ppi claim NO WIN NO FEE policy so you have nothing to lose to refund your PPI.
