Payment Protection Insurance Mis_selling _ Egg Fined
Published / Last Updated on 10/12/2008
Payment Protection Insurance Mis-selling - Egg Fined
Egg has been fined £721,000 by the Financial Services Authority (FSA) for mis-selling of payment protection insurance alongside credit cards.
The FSA said that it had found that around 40% of telephone sales had serious failings in the way that PPI was sold.
Egg could now face a huge compensation bill as of millions of pounds if clients ask for a refund.
In one report on the BBC, it was estimated that up to £1.67m would have to be refunded if just 10% of clients asked for a refund. Put another way, if all clients ask for a refund, this could amount to £16.7m.
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