FSA fined Capital One over PPI failures

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) February 26, 2007 -- London (ask4loan) February 21, 2007: The Financial Services Authority (FSA) imposed a fine of GBP 175,000 on Capital One Bank (Europe). The firm was held responsible for failing to provide adequate systems and controls for selling Payment Protection Insurance plans. The FSA also found the firm liable for failing to treat its customers fairly.

Payment protection insurance policies cover the repayment of loans should people fall ill or lose their jobs. The customers need to be given full information regarding what they are covered for. But, from January 2005 to April 2006, Capital One failed to provide important information to 50,000 customers.
Capital One Bank (Europe) becomes the fifth firm to be fined by the FSA in the past few months. The firm, which is also engaged in providing credit cards, personal loans and saving accounts to the customers, said that it had completely cooperated throughout the investigation and has agreed to pay the penalty.

Sanjiv Yajnik, chief executive of Capital One Bank (Europe) stated: �Capital One values its relationship with its four million customers. We consistently review our policies and practices and had made a number of significant improvements prior to the FSA's investigation.�
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