Capital One response to FSA fine

Capital One has agreed to a settlement with the Financial Services Authority (FSA) with regard to the sale of Payment Protection Insurance (PPI).

Capital One has agreed to pay a penalty of £175,000.

Prior to the FSA's investigation, Capital One had started a project to implement a number of significant improvements to its sales and administrative processes concerning PPI with a focus on customer communications.

Capital One proactively worked with the FSA and has addressed all of its concerns.

Sanjiv Yajnik, Chief Executive Officer of Capital One Bank Europe plc said, "Capital One values its relationship with its four million customers.

We consistently review our policies and practices and had made a number of significant improvements prior to the FSA's investigation.

The FSA has recognised that Capital One co-operated fully throughout the investigation.".

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