TAILIEUCHUNG - Financial Services Authority

As part of our latest programme we completed new and follow-up visits to 150 firms that together sell over PPI policies a year with a premium value of over £750m. These firms, large and small, represented a wide range of sectors including banks, building societies, friendly societies, mortgage brokers, credit/loan brokers, retailers and motor dealers. We looked at PPI sold alongside unsecured personal loans, revolving credit (credit cards and instalment finance), prime mortgages, other insurance policies and secured loans. We considered sales of both regular and single- premium PPI policies on an advised and a non-advised basis. Together with our earlier PPI work, over the past. | Financial Services Authority FINAL NOTICE To UK Insurance Limited FSA Reference Number 202810 Address The Wharf Neville Street Leeds LS1 4AZ Date 17 January 2012 1. ACTION . For the reasons given in this notice the Financial Services Authority the FSA hereby imposes on UK Insurance Limited UKI a financial penalty of 2 170 000 for the failings of Direct Line Insurance Plc Direct Line and Churchill Insurance Company Limited Churchill for breach of Principle 2 skill care and diligence of the FSA s Principles for Businesses the Principles which occurred between 8 April 2010 and 16 April 2010 the Relevant Period . . The FSA takes this action against UKI for Direct Line and Churchill s breach of Principle 2 during the Relevant Period. . Direct Line and Churchill together the Firms breached Principle 2 during the Relevant Period. Since then the relevant business and liabilities of the Firms have been transferred to UKI. Therefore UKI is responsible for paying the financial penalty of 2 170 000 in respect of the Firms breach of Principle 2. . The Firms agreed to settle at an early stage of the FSA s investigation. They therefore qualified for a 30 Stage 1 discount under the FSA s executive settlement procedures. Were it not for this discount the FSA would have imposed a financial penalty of million on the Firms. 1 2. SUMMARY OF REASONS . The Firms breached Principle 2 because they acted without due skill care and diligence in the way that they responded to the FSA s request to provide it with a sample of their closed complaint files. The Firms breach of Principle 2 resulted in the FSA receiving files which had been altered improperly. These alterations were the consequence of inadequate measures taken by the Firms to ensure that 50 files specifically requested by the FSA would not be altered improperly. This failure occurred following a file review exercise started three weeks before the collation of the 50 files. Prior to the start of the earlier .

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