Car dealerships face fines

According to recent car finance news reports, a number of car dealerships have been fined by the financial services authority.

The FSA fined several car dealerships over claims relating to the mis-selling of Payment Protection Insurance (PPI). The fines, which together amount to some £175,000, were levied at five different motor dealers for serious breaches of PPI regulations.

The PPI policies sold were reportedly not suitable for the consumers. PPI is designed to help make repayments on car finance should the borrower be unable to make repayments .

Car finance companies and dealers selling motor finance have the same responsibility as any other lender when it comes to PPI, one spokesman said.

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Car dealerships face fines

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