The FSA has continued its campaign to improve the standard of sales in the payment protection insurance (PPI) market, fining GE Capital Bank for poor sales practices.
GE Capital Bank was fined £610,000 for failing to have adequate systems and controls and for failing to treat customers fairly, when selling PPI to store and credit cardholders.
More high-profile banks and lenders are expected to be named by the FSA in its current crackdown on PPI, and fines could run into the millions.
The FSA investigation found that GE's customers were not given adequate information about the product, staff were not appropriately trained and its monitoring and compliance functions were inadequate.
FSA director of enforcement Margaret Cole said: "Millions of people take out store cards every year. They need to know that PPI is almost always optional and should consider whether they need it before signing up.
"We are determined to see significantly better practice in PPI sales and will crack down where firms fail to treat their customers fairly."
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
