This is some text prior to the author information. You can change this text from the admin section of WP-Gravatar  To change this standard text, you have to enter some information about your self in the Dashboard -> Users -> Your Profile box. Read more from this author

As more and more people discover they have a PPI claim, so more banks are being exposed for mis-selling the cover to their customers. The latest is purp is internet bank Egg, which has been fined £721,000 for serious failings in the way it sold payment protection insurance (PPI) to its credit card customers.

These unfair credit card charges make up just some of the failings that the FSA found in around 40% of telephone sales of PPI (sold alongside credit cards) between January 2005 and December 2007. It has been revealed that during this period, Egg sold more than 106,000 PPI policies at an average cost of £156 – We’ll let you do the math on that one.

Sounds familiar doesn’t it? A bank breaking rules to get our hard-earned. In fact, the FSA’s director of enforcement, Margaret Cole, said Egg had used “inappropriate sales techniques” to try to persuade customers to buy PPI.

But that’s not all, Egg was only authorised to sell PPI on a non-advised basis, which meant it could only provide information and not recommend that consumers buy it. However, the FSA found it had used hard-sell techniques on those who chose not to buy cover.

If you’re an Egg customer and believe you were mis sold your policy, it’s easy to make a PPI claim and potentially get a full refund. Be sure to get this sorted soon as you may have thousands to claim.

No related posts.