The FSA has fined Alliance & Leicester (A&L) £7m for serious failings in its telephone sales of payment protection insurance (PPI).

The regulator said that from January 2005 to December 2007 A&L sold approximately 210,000 PPI policies to customers seeking a personal loan at an average price of £1,265, but there was a general failure by advisers to give customers details of the cost of PPI. In addition A&L sought to find reasons to sell PPI without properly considering what customers needed.

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