Carcraft has responded to the
£91,000 fine imposed by the Financial Services Authority (FSA) over
payment protection insurance (PPI), saying it is
“disappointed”.
A statement issued by the used car
supermarket, run by CC Automotive Ltd on behalf of the UK Car Group
(UKCG), reiterated that the fine related to sales of PPI “several
years ago” between April 2007 and September 2008.
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Carcraft, which stopped selling PPI in June
2010, was also, more generally, cited by the FSA for poor
monitoring and competency of staff but the statement hit back,
saying the Authority: “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 statement also noted the company’s
willingness to work with the FSA and recent accreditation by the
RAC.
The FSA said they would make no further
comment beyond the initial
press release issued earlier, 3 May, and were adamant that
Carcraft had been fined correctly.
richard.brown@vrlfinancialnews.com
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