After yesterdays post about the FSA slapping a £770,000 fine on Swinton for mis-selling PPI, it’s refreshing to see a Company come out and respond in a humble fashion to the penalty imposed. We thought it only fair to share with you what they said…

“Swinton takes the matter very seriously and will be contacting all customers concerned. The company apologises to any customer affected, and has set up a dedicated unit to deal with the PPI cases.

The company takes the view that the simple, low-cost PPI product it sold, (which cost £15 or £20), was different to that more commonly sold for many hundreds or even thousands of pounds alongside mortgages and loans in the rest of the financial services industry.

The company did not deliberately set out to breach FSA rules or to disadvantage customers and acted in good faith in the development of its sales process which it believed was reasonable and proportionate for the low cost of the product.”

It goes on and if you’ve eaten your lunch with half an hour to spare, you can read it here.

Related posts:

1. Mis-sold PPI Costs Swinton £770,000 in Fines From The FSA
2. PPI Claims Increase Due To Refusal To Pay Out
3. Those Who Reclaim PPI Could Receive Help From An Unexpected Source
4. PPI Claims Could Be Paid Out Of The Bank Bosses Pockets
5. PPI Compensation Claims Rise As Barclays Win Appeal