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As we now know, despite the high number of PPI claims being made, the Financial Services Authority (FSA) is to be replaced in 2012 by a number of independent bodies but that hasn’t stopped the financial watchdog handing out justice. As well as fining companies, the FSA also penalises individuals for financial infringements and the latest person to fall foul of the law is David Head, a director of Essex-based mortgage and insurance broker network, Compliance Services.

The company operated as a network and recruited mortgage and insurance brokers but came unstuck when Mr Head failed to put in place systems and controls to ensure the brokers acted correctly. He also failed to properly supervise insurance brokers linked to a firm previously disciplined by the FSA for Payment Protection Insurance failings and as a result was fined £10,500.

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4. PPI Claims And Erroneous Trading Data = A Fine Mess
5. Mis-sold PPI Costs Swinton £770,000 in Fines From The FSA