Egg Banking fined by FSA for payment protection insurance sales
December 10, 2008 | Tagged: payment protection insurance
Credit card company Egg Banking has been fined £721,000 by the Financial Services Authority for the way it has sold payment protection insurance. The FSA found serious failings in Egg’s telephone sales techniques for payment protection insurance where the benefits of the policy were often overstated.
The FSA has reported that it found failings in 40% of telephone sales of credit card payment protection insurance (PPI) made by Egg between January 2005 and December 2007. Egg halted telephone sales of credit card payment protection insurance in December 2007 and has agreed to contact customers to provide a refund where appropriate.
