CPP - FSA record retail fine shows inherent product flaw just as serious as method of (mis)sale
The FSA has fined Card Protection Plan Limited (“CPP”) £10.5m (reduced from £15m for early settlement) for breaches of Principles 3, 6 and 7. This is the joint largest retail fine levied by the FSA and arises out of serious breaches which took place over a prolonged period of time, despite FSA warnings and ARROW reports warning of compliance issues.
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