FSA fines broker over PPI sales
The Financial Services Authority has today fined Regency Mortgage Corporation £56,000 for failures relating to its sale of mortgage related payment protection insurance in the sub prime market. It is the first time the FSA has taken action against a firm for sales of PPI since the regulation of general insurance started in January 2005.
Regency did not treat its customers fairly and failed to organise and control its business effectively, an FSA statement said today.
In particular, Regency did not collect sufficient information during
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