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GE Capital Bank Fined for mis-selling PPI with Store cards

The Financial Services Authority (FSA) fined GE Capital Bank (one of the UK’s largest providers of store cards) – £610,000 for mis-selling PPI (payment protection insurance) to its customers. The FSA advised that GE Capital Bank had failed to put adequate systems in place to control sales of PPI sold alongside their credit cards, loans and store cards.

Alliance & Leicester Fined £7m by the FSA

Alliance & Leicester have been fined a record £7m by the City Watchdog for three years of mis-selling PPI (payment protection insurance) to customers. The Financial Services Authority (FSA) advised that the failings of the bank were the most serious they had ever seen (as of 2007).