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FSA fines insurer for PPI mis-selling

Mis-selling of Payment Protection Insurance (PPI) has resulted in Liverpool Victoria receiving an £840,000 fine.The penalty, enforced by City watchdog the Financial Services Authority (FSA) comes after the firm was found to have sold the cover to customers without properly consulting them on the purchase.PPI - which offers protection to unsecured loans holders who face a sudden loss of income and struggle to meet repayments - is at the centre of a wider investigation from the regulator.Earlier this year, HSBC-owned HFC Bank was fined £1 million for similar mis-selling.Commenting on the fine, the FSA's director of enforcement Margaret Cole said: "If those conversations [between loan provider and customer] are unclear or misleading it will be no defence for firms to say that full details were included in paperwork which customers received later."Liverpool Victoria is now proposing a comprehensive programme to contact its customers and pay them compensation where appropriate."The insurer has apologised, and around 14,500 of its customers might be reimbursed by the insurer for the interest they paid on the PPI.

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