FSA fines Land of Leather and its chief executive for PPI failings
The Financial Services Authority (FSA) has fined furniture retailer Land of Leather Limited (the firm) £210,000 for allowing its sales force to sell Payment Protection Insurance (PPI) on loans without effective monitoring or training in place to ensure that the insurance was being sold fairly.
Additionally the FSA has fined Land of Leather’s Chief Executive Paul Briant £14,000 for failing to properly oversee the sale of PPI by the firm. The firm became authorised to sell PPI in May 2006, but it did not ensure that all of its sales force were fully trained to sell PPI until November 2006 and it continued to sell PPI in its 90 stores without any effective check on its sales force until February 2007.
FSA director of enforcement, Margaret Cole, said: “Firms must not sell PPI unless they
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