PPI fine is tip of the iceberg

Released on: February 29, 2008, 4:39 am

Press Release Author: BeyondPR

Industry: Financial

Press Release Summary: Leading regulated claims management firm BrunelFranklin.com
predicts further fines for PPI vendors in 2008

Press Release Body: Leading regulated claims management firm BrunelFranklin.com
predicts further fines for PPI vendors in 2008, and a surge of claims as millions of
consumers become more aware that they have been mis-sold PPI.

Anthony M Sultan, Managing Director of Brunelfranklin.com and its specialist PPI
compensation service conkers.co.uk said: "The recent action taken by the Regulator
in fining HFC is greatly welcomed, considering the findings of its own research in
September 2007 which showed that the majority of companies surveyed were ignoring
the Regulator's earlier guidance and were still routinely mis-selling PPI policies.

"Companies cannot ignore the Regulator with impunity and cannot expect to get away
with it. The fine sends out a clear message to other vendors that they cannot
continue with the widespread mis-selling of worthless PPI policies that many
consumers don't even know they have.

"Whilst we welcome the fine imposed on HFC, the amount of the fine is miniscule when
you consider the scale of the mis-selling scandal, and the amounts involved. We
would like to see the FSA imposing higher fines in the future, that better reflect
the disgraceful way which consumers have been treated.

"It is estimated that there are 25 million PPI policies currently in force in the
UK. From the thousands of claims that we are currently processing, we believe the
vast majority have been mis-sold. It appears that the PPI mis-selling scandal is
even greater than that experienced with endowment policies."

Notes to editors
For PPI case studies, please call BeyondPR with your requirements. We can usually
turn around case studies at short notice if required.

Web Site: http://www.beyondpr.co.uk

Contact Details: Press contact
Jon Gardner, BeyondPR. Mobile 07930 697773

  • Printer Friendly Format
  • Back to previous page...
  • Back to home page...
  • Submit your press releases...