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Car dealerships fined for insurance fraud
28/08/2008
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The Financial Services Authority (FSA) has fined five car dealerships for mis-selling payment protection insurance (PPI).
It said the five had committed "serious breaches" of the rules governing the sale of PPI and had duped 2,175 customers as a result.
Consequently, the dealerships were made to fork out a total of £175,000.
Margaret Cole of the FSA said: "All firms selling PPI must treat their customers fairly, including taking proper steps to make sure sales are suitable and customers are eligible to claim on the policy."
She added that motor retailers selling PPI must meet the same standards as other members of the financial industry.
The offending dealerships are GK Group, George White Motors, Ringways Garages, Ringways Garages, and Park's of Hamilton.
Meanwhile, car insurance customers have been advised by provider of vehicle checks HPI to consider how a second-hand vehicle's value will fare over the years and how much it will cost to insure before buying.
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