The PPI Claims Solicitor

Fined Capital One £175k

Posted on 27 May 2009

Capital One Bank

The Financial Services Authority (FSA) fined Capital One Bank (Europe) Plc (Capital One) £175,000 on 15.02.09 for failing to have adequate systems and controls for selling Payment Protection Insurance (PPI) insurance and for failing to treat its customers fairly.

The FSA found that:

Capital One failed to send a policy document to more than 50,000 PPI customers between January 2005 and April 2006, although they did receive a policy summary;

two out of four script options used by its sales associates did not ask the customer for consent explicitly to receive only limited information over the telephone;

the scripts did not ensure adequate disclosure in enough cases of policy features and benefits and policy exclusions and limitations;

Capital One failed to provide customers who purchased PPI other than by telephone with the policy document prior to the conclusion of the contract; and

its compliance monitoring of telephone sales of PPI was not sufficiently effective.

The firm’s failure to provide customers with a policy document at the right time meant that affected customers did not have the opportunity to consider all aspects of the PPI policy, and whether it may have met their demands and needs, prior to conclusion of the contract.

For more information on Capital One Bank see the FSA web site:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2007/022.shtml

CLAIM NOW

If you answer Yes to one or more of the following questions you may have a claim for PPI refund -

Capital One failed to ask me about any pre-existing medical conditions when I took out a PPI policy
Capital One failed to ask if I was or was shortly due to become self-employed when I took out the PPI policy
Capital One failed to ask if I was retired or very close to retirement ages when I took out the PPI policy
Capital One failed to ask if I was not employed (including student) when I took out the PPI policy
Capital One failed to ask if I was a public services employee when I took out the PPI policy
Capital One failed to ask if I had other protection policies in place when I took out this loan
Capital One failed to advise me that I did not need the PPI policy as I could have repaid the loan/outstanding balance using my savings
Capital One failed told me that the PPI policy was compulsory and not optional
Capital One failed to ask if I was not aware that the PPI policy was optional
Capital One 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
Capital One did not make me aware of the cost of the premiums on the PPI policy
Capital One did not make me aware that the PPI policy cost would be added to the loan and I would pay interest on the cost
Capital One did not make me aware that I had taken out the PPI policy when I took out the loan
Capital One did not make me aware that I could purchase alternative PPI policies with other providers when I took out the loan
Capital One did not make me aware that the PPI policy did not cover the life of the loan