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FSA/PN/026/2007
26 February 2007
The Financial Services Authority has today imposed a public censure on Cathedral Motor Company Limited (Cathedral) for failures relating to its sale of Payment Protection Insurance (PPI) in connection with vehicle finance agreements.
Cathedral is a franchised car dealer with four branches in the Midlands trading as Arbury. Its primary business is the sale of new and used cars with PPI being sold on an advised basis to cover vehicle finance agreements.
Cathedral failed to organise and control its regulated business responsibly and effectively. In particular, there was limited or no monitoring of its staff and consequently it could not determine whether its sales staff paid due regard to the needs of customers. Cathedral did not sufficiently apportion compliance responsibilities among its senior management and did not ensure appropriate training of its staff.
Cathedral also failed to provide customers with certain key documents before conclusion of the sale, creating a risk of consumer detriment.
FSA Director for Enforcement Margaret Cole said:
The FSA has previously fined five firms over poor PPI selling practices - Regency (PN 88/ 2006), Loans.co.uk (PN 105/2006), Redcats (PN136/2006), GE Capital Bank (PN/015/2007) and Capital One (PN 22/2007) and has imposed a public censure on Eastern Western Motor Group (PN 137/2006). Two other cases have recently been concluded where problems relating to PPI also featured - Capital mortgage Connections (PN 119/2006) and Home and County Mortgages (PN 132/2006). Other PPI enforcement investigations are underway.
Lloyds TSB -PPI - Full refund . 05/09/06 (As Seen on TV)
Halifax settled in Full.. 22/09/06
TSB First Claim SETTLED IN FULL 19/10/06
Second Claim to Lloyds TSB - Settled in Full
Firstplus - early settlement interest charges - Challenged the use of the rule of 78 - SETTLED IN FULL 12/1/07
PPI - GE Money / Purpleloans / Firstplus - Now Settled after 1 year long hard fight.
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Anything said is my opinion and how I understand the law, always consult professional legal advice before taking something to court.
F S A & PPI on Vehicle Finance
) in connection with vehicle finance agreements.
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