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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.

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