Swinton fined £770,000 for "serious failings" in PPI sales
The Financial Services Authority said Swinton will offer refunds on more than 480,000 PPI policies
The Financial Services Authority (FSA) has fined Swinton Group £770,000 for what it deemed as serious failings in its advised sales of single premium payment protection insurance (PPI).
Following discussions with the regulator, Swinton has agreed to contact over 350,000 customers who paid for the PPI and offer a full refund. The FSA said that Swinton will offer refunds on over 480,000 PPI policies.
Between December 2006 and March 2008 the FSA found that the firm’s PPI sales process was flawed.
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