LV Fined £840,000 For Miss-Selling Insurance Policies
Liverpool Victoria is one of the oldest insurance companies in the UK market but a near perfect copy book has been blotted somewhat with news that the group has been fined £840,000 by the Financial Services Authority. The fine is a huge blow to the company which has long been regarded as one of the more customer friendly insurance companies.
The fine relates to the sale of personal loans and a strategy of putting pressure on customers to take out payment protection insurance (PPI) with their loans. Apparently the cost of the PPI element was automatically added to the cost of the loan with many customers unaware that they were actually taking PPI with their loan package.
The company has promised to compensate those who may have suffered in the period 2005 to August 2007 and is in the process of contacting them directly. It has to be said that LV is only the latest of a range of insurance and finance related companies to be taken to task about the sale of PPI products. This is an area of business which the FSA has come down very hard upon in order to restore the trust element to the market.
Share this..
Related stories
Homeowners spend £1.8bn on wet feet
Water leaks within the home are costing British homeowners a total of £1.8 billion a year, according to new figures.Data from Halifax Home Insurance suggested that around 3.3 million households across the country are affected by water leaks each year, including leaking showers, taps left running, burst water tanks and pipes, leaking dishwashers and flooding washing machines.Washing machines are t...
Read MoreHouse building boosts UK construction industry
03/07/2014 The UK construction industry grew at its fastest pace in four months this June as a result of an increase in house building, according to the Markit/CIPS Purchasing Managers Index (PMI). The PMI is a measure that determines how quickly the construction industry is growing or shrinking. A measure above 50 indicates growth and vice versa for a measure below 50. Despite prediction...
Read MoreIs The NHS Still A Free Service?
The recent celebrations to mark the life of the NHS were seen as a wake more than a celebration by some who are very close to the institution. Over the last few years we have seen more and more back door charges introduced, dentists refusing to take NHS patients and doctors overloaded with more patients per doctor than ever before. On top of this we have see prescription charges in the UK contin...
Read MoreFirst-time buyers face £45,000 deposit
20/08/2015 In just 10 years time, first-time buyers may face having to save up £45,000 for a deposit on a house if they have any chance of getting their foot on the housing ladder. Sales and letting company KIS has estimated that the typical North East house will cost £187,000 by 2020; £230,000 by 2025; and £278,000 by 2030. If a general deposit is considered 20%, this would mean buyers...
Read MoreTelephone scams see massive increase
02/12/2014 The amount of money fraudsters have gained by using telephone scams has risen to £23.9 million, three times as much as it was last year. Financial Fraud action has released a report, which showed a significant rise in the number of consumers who have been targeted by phone scammers over the last year. Now, an estimated 58% of people have received suspect calls, compared to 41% l...
Read More