The PPI Claims Solicitor

Fined Redcats £270k

Posted on 27 May 2009

Redcats (Brands) Limited

The Financial Services Authority FSA fined Redcats (Brands) Limited £270,000 on 20.12.06 for failing to treat its customers fairly when selling Payment Protection Insurance (PPI) in connection with home shopping products. The regulator found that Redcats did not have adequate systems and controls in place to minimise the risk of unsuitable sales.

The FSA also found weaknesses in the way that Redcats operated and maintained its compliance systems, training and competence arrangements and sales processes.

The FSA have stated on their web site that Redcats breaches were particularly serious because they meant that over an 18-month period approximately 160,100 customers were sold PPI which might not have been suitable for their individual needs.

For more information by the FSA see the following link

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 -

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