Regency Mortgage Corporation pays £56,000 for PPI sales breaches

In its first action for mortgage payment protection insurance (MPPI) sales failures, the FSA has fined Regency Mortgage Corporation Ltd (Regency) £56,000 (which includes a 30% discount for early settlement). The fine covers the period 14 June 2005 to 22 November 2005. The firm’s behaviour was viewed as especially serious since sub-prime borrowers generally have limited financial resources and are highly exposed if unable to claim on their MPPI policy.