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The owner of car supermarket Carcraft has been fined £91,000 by the Financial Services Authority over failures in the way it monitored payment protection insurance sales. UK Car Group (UKCG) was penalised for the failings of CC Automotive – trading as Carcraft - after the FSA said it had failed to ‘deal appropriately with concerns raised in internal audits’ regarding Carcraft’s PPI sales. Carcraft, which is based in Rochdale and describes itself as ‘the UK’s leading car supermarket’, has a network of dealerships in England and Wales. The owner of car supermarket Carcraft has been fined £91,000 by the Financial Services Authority over failures in the way it monitored payment protection insurance sales.
UK Car Group (UKCG) was penalised for the failings of CC Automotive – trading as Carcraft - after the FSA said it had failed to ‘deal appropriately with concerns raised in internal audits’ regarding Carcraft’s PPI sales. Carcraft, which is based in Rochdale and describes itself as ‘the UK’s leading car supermarket’, has a network of dealerships in England and Wales.....Read more here---: Carcraft owner fined £91,000 over PPI sales failures
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A Carcraft spokesperson said: “Carcraft is disappointed that the Financial Services Authority (FSA) has found it necessary to take action on an issue which occurred several years ago. However, Carcraft has fully cooperated with the FSA's investigation. "The FSA's ruling relates to the sale of payment protection insurance ("PPI") products between April 2007 and September 2008. Carcraft decided to stop offering PPI in June 2010.
"The FSA had no cause for concern about the design and structure of Carcraft's systems and controls in relation to PPI selling, and stated that Carcraft's sales model and standard documentation were sound. The amount of the fine was reduced to reflect the business’ complete cooperation with the FSA and willingness to agree a settlement . "Carcraft is continuing to strive for excellence in all areas with a focus on delivering exceptional customer service, and has recently achieved RAC accreditation for all its cars.”....Read more here---: CCR Magazine - Carcraft Statement re FSA Ruling