Posted on 27 May 2009
Loans.co.uk Limited
The Financial Services Authority (FSA) has fined Loans.co.uk Limited £455,000 for failing to treat its customers fairly when selling Payment Protection Insurance (PPI). The regulator found that Loans Co.uk Ltd did not have appropriate systems and controls to minimise the risk of unsuitable sales.
The FSA found that PPI sold by Loans.co.uk Limited was on an advised basis over the telephone. The FSA investigation found that the Loans.co.uk Limited failed to gather and record information to show that the policy recommendations it made were suitable. The FSA discovered that customers did not receive enough information at the point of recommendation to make an informed decision about the PPI policy being offered. Therefore, customers could not be sure if Loans.co.uk Limited recommendation was the right option for them.
For more information on Loans.co.uk Limited see the FSA Web Site:
http://www.fsa.gov.uk/pages/Library/Communication/PR/2006/105.shtml
CLAIM NOW
If you answer Yes to one or more of the following questions you may have a claim for PPI refund -
- Loans.co.uk failed to ask me about any pre-existing medical conditions when I took out a PPI policy
- Loans.co.uk failed to ask if I was or was shortly due to become self-employed when I took out the PPI policy
- Loans.co.uk failed to ask if I was retired or very close to retirement ages when I took out the PPI policy
- Loans.co.uk failed to ask if I was not employed (including student) when I took out the PPI policy
- Loans.co.uk failed to ask if I was a public services employee when I took out the PPI policy
- Loans.co.uk failed to ask if I had other protection policies in place when I took out this loan
- Loans.co.uk failed to advise me that I did not need the PPI policy as I could have repaid the loan/outstanding balance using my savings
- Loans.co.uk failed told me that the PPI policy was compulsory and not optional
- Loans.co.uk failed to ask if I was not aware that the PPI policy was optional
- Loans.co.uk 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
- Loans.co.uk did not make me aware of the cost of the premiums on the PPI policy
- Loans.co.uk did not make me aware that the PPI policy cost would be added to the loan and I would pay interest on the cost
- Loans.co.uk did not make me aware that I had taken out the PPI policy when I took out the loan
- Loans.co.uk did not make me aware that I could purchase alternative PPI policies with other providers when I took out the loan
- Loans.co.uk 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.
