COMPANIES Egg, the online bank, has been fined £721,000 by the City regulator and faces further pay-outs to customers in compensation for mis-selling payment protection insurance.
The Financial Services Authority said the bank’s practices had been “unacceptable”, not least since the watchdog had itself highlighted a series of industry-wide issues with sales of PPI, which is designed to cover repayments in the event of accident, sickness or unemployment.
