CT Capital fined £2.4m for serious PPI complaint-handling failures

A penalty of £2,360,900 has been levied by the Financial Conduct Authority for “serious failings” in CT Capital Ltd’s historic Payment Protection Insurance complaint handling arrangements: the firm neglected to put processes in place to deal with PPI complaints properly and so customers missed out on redress payments they were entitled to. The average redress payment of upheld complaints was £5,959.