The FSA Fines Financial Institutions That Overcharged Consumers
The financial companies that missold payment protection to consumers are being hit with hefty fines from the Financial Services Authority. Policies as far back as 2005 were sold at extremely high prices to consumers. Not only is this a breach of consumer trust, this is also not legal business practices. These insurance plans are sold to people in order to give them peace of mind in case of unemployment their mortgage will still be paid. However, how can you have peace of mind if you find out that the financial services company with whom you conducted business was dishonest and charged you more than what the plan is worth?