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Findel to spend £4.8m on PPI mis-selling

Retailer Findel is the latest organisation to receive a large charge for its role in the mis-selling of payment protection insurance (PPI).

The Financial Times reported that the Hyde-based group will have to take a £4.8 million hit, with £1 million already refunded and a further £3.8 million expected to be paid out.

Between 2005 and 2008 the firm, which works in the home shopping, educational and healthcare sectors, sold PPI to 267,000 customers.

A study indicated that "a small proportion [of customers] may have suffered material financial detriment through being mis-sold an unsuitable insurance product".

Findel recently posted a half-year operating profit, with sales of brands such as Kitbag, Kleeneze and Express Gifts generating sales of £275.1 million, up 8.1 per cent from £254.6 million.

In the same period last year it reported an operating loss of £600,000, which it managed to turn around to a £500,000 profit.

Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-801496344-ADNFCR



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