As the Financial Services Authority (FSA) announces that it has fined Alliance & Leicester £7million for mis-selling Payment Protection Insurance, Which? Chief Executive, Peter Vicary-Smith, says:
“It’s great to see the FSA hitting companies where it hurts. This record PPI fine should send out a clear message to other companies that mis-selling will be severely punished.
“Now the fine has been set, we want everyone who was mis-sold to get their money back. This can be done by ensuring that any communications to consumers are clear and straightforward about their rights.
“Anyone who has a personal loan or credit card should check whether they have a PPI policy and, if they think it was mis-sold to them, should consider making a complaint.