The Financial Services Authority (FSA) has fined Capital One following an announcement that the Offi...
The Financial Services Authority (FSA) has fined Capital One following an announcement that the Office of Fair Trading has referred the payment protection insurance (PPI) market to the Competition Commission for further investigation.
It was fined £175,000 for failing to have adequate systems and controls for selling PPI and a lack of responsibility regarding Treating Customers Fairly.
Margaret Cole, the FSA director of enforcement, said: "This fine and other recent PPI-related enforcement cases show we will crack down where firms fail to treat customers fairly."
Capital One has addressed the systems and control issues. The FSA previously fined four other firms over poor PPI selling practices.
