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Land of Leather fined over PPI sales
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A leading furniture retailer has been fined £210,000 because staff members had not been adequately trained to sell payment protection insurance (PPI).
The Financial Services Authority (FSA) fined Land of Leather because it believed that up to 58,000 customers could have bought PPI that was unsuitable for their needs due to the lack of staff training.
Land of Leather started selling PPI in May of 2006 and continued to do so for nine months. The FSA stated that the company was liable to follow set rules despite not being a specialist insurance provider.
Margaret Cole, director of enforcement at the FSA said: "Retail firms whose primary business is not selling general insurance will be held accountable to the same regulatory standards as the rest of the financial services industry."
Land of Leather expressed regret that there were training deficits at the point of sale and contacted a number of customers who had purchased PPI through them and did not reveal any mis-selling.
"We acted quickly to remedy these weaknesses," said a spokesman for the company.
The FSA fined HFC Bank over £1 million this year for the mis-selling of PPI.
