Friday 16th February 2007
Post Office has stated that fines levied against Capital One are "welcome news".
The lender was found guilty by the Financial Services Authority (FSA) of not supplying adequate information about its payment protection insurance (PPI) policies.
PPI is provided by Capital One as an additional service for its loan and credit card customers, the FSA said.
However, Post Office embraced the news that the company is to be fined £175,000 for mis-selling PPI to an estimated 50,000 customers.
Claire Oldstein, head of communications at Post Office, said: "Many customers have little understanding of PPI and some do not even realise they have this insurance."
"These aggressive sales tactics must cease to allow for a more transparent and fairer marketplace," she added.
Figures from Post Office show that customers could save an average of £16.78 monthly by taking its Lifestyle Protection policy.
This is an extended form of PPI, the company says, capable of providing customers with up to 60 per cent of their income if they are unable to work.
©
A Post Office personal loan is designed to suit your needs. Flexible loan's, up to two monthly repayment holidays a year and a cheque could be in your hands within 24 hours with a Post Office personal loan.
Read a review
Fill out a form to speak to an advisor about what type of loans might be right for you.
