Insurance Cheap News

insurance cheap: it's all about cheap car insurance

Payment Protection Insurance Fines

Eastern Western Motor Group Scotland's leading privately owned car dealer group has been given a warning (though not fined) for failing " to organise and control its regulated business effectively". Selling of payment protection insurance (PPI) along with many other types of insurance is regulated by the FSA (Financial Services Authority) a government run watchdog for the financial service industry.

PPI is designed to help people maintain payments on a car if their financial situation changes. Recently a number of companies have been fined for potentially misselling of payment protection insurance including a £270,000 fine for Redcats earlier this week and fines for both Loans.co.uk (£56,000) and mortgage firm Regency (£455,000).