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FSA issues £840,000 fine for PPI mis-selling

Liverpool Victoria has received the UK's second largest fine ever for mis-selling payment protection insurance (PPI).

The insurer has been ordered to pay £840,000 after being pursued by the Financial Services Authority (FSA) for "serious failings" in PPI sales.

Earlier this year HSBC subsidiary HFC Bank was fined £1m for similar failings.

The FSA said that Liverpool Victoria added the cost of PPI to quotes for personal loans without customers asking for it.

Around 14,500 customers were not told that PPI was being added to their loan, and that they would pay interest on it.

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