PPI Provider Receives Fine

Payment Protection Insurance provider Liverpool Victoria has been fined almost GBP850,000 because of the way it has been selling the product.

As part of their personal loan quotation process it appears that Liverpool Victoria added payment protection insurance (PPI) automatically to every quotation produced. This was whether customers had asked for it or not. On average this added around GBP1,500 to the cost of the loan, though this now has to be repaid to the fourteen thousand plus customers who took a loan with the company.

Liverpool Victoria are one of many companies providing PPI and it is sure that they are not the only one using this method of promotion. Of course this ruling should clear up the matter quite a lot and mean customers only receive what they want.