Alliance & Leicester PPI Mis-Selling Claims
PPI or Payment Protection Insurance sales by Alliance & Leicester have been fined a record £7 Million by the Financial Services Authority for the mis-selling of payment protection insurance or PPI.
Many Payment Protection Insurance claims are currently being aimed at Alliance & Leicester. If you feel that you have possibly been mis-sold a PPI insurance product by Alliance & Leicester then ask yourself the following questions to see if you may be able to start a PPI mis-selling claim with our help.
If you can answer YES to more than one of these questions then you may have a valid claim
My pre-existing medical conditions were not discussed when I took out the PPI policy
I was or was shortly due to become self-employed when I took out the PPI policy
I was retired or very close to retirement ages when I took out the PPI policy
I was not employed (including student) when I took out the PPI policy
I was a public services employee when I took out the PPI policy
I had other protection policies in place when I took out this loan
I did not need the PPI policy as I could have repaid the loan/outstanding balance using my savings
Click here to start your claim against Alliance & Leicester
Below is a summary of What the FSA has said about the mis-selling:
“The Financial Services Authority (FSA) has fined Alliance & Leicester Plc (A&L) £7 million for serious failings in its telephone sales of payment protection insurance (PPI).
For three years from January 2005 to December 2007 A&L sold approximately 210,000 PPI policies to customers seeking a personal loan at an average price of £1,265, but there was a general failure by advisers to give customers details of the cost of PPI. In addition A&L sought to find reasons to sell PPI without properly considering what customers needed.
A&L did not make it sufficiently clear that PPI was optional and it trained its staff to put pressure on customers where they queried the inclusion of PPI in their quotation or challenged advisers’ recommendations.
These failings resulted in unacceptable levels of non-compliant sales and a high risk of unsuitable sales over the three year period.
Margaret Cole, FSA Director of Enforcement, said:
“The failings at A&L are the most serious we have found. This is reflected in the record PPI fine. It is very disappointing that after three years of regulation we are still finding serious problems in PPI sales.”
