Finance body fines Land of Leather
12/05/2008
The UK’s Financial Services Authority (FSA) has fined troubled furniture retailer Land of Leather and its chief executive for improperly selling payment protection insurance.
The leather sofa specialist had failed to ensure adequate training and did not conduct effective checks on sales staff selling the insurance despite having been authorised to sell the insurance since May 2006, the FSA said in a statement.
The FSA fined Land of Leather £210,000 and also imposed a fine of £14,000 on its outgoing chief executive and founder, Paul Briant, for failing to oversee the sale of the insurance properly.
“Retail firms whose primary business is not selling general insurance will be held accountable to the same regulatory standards as the rest of the financial services industry,” FSA director of enforcement, Margaret Cole, said.
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