An expert has given his opinion on the fine given to Swinton by the Financial Services Authority (FSA) for its mis-selling of payment protection insurance (PPI).Matt Morris, the senior policy adviser for insurers LifeSearch, told the Financial Times that banks have been making "huge profits" out of PPI. "The banks have made billions from PPI and these policies, because they are so difficult to claim, cost so little and they can then levy these huge fees," he said. "These policies are there to make money most of the time they do not seem to be there for the benefit of consumers." Swinton was fined £770,000 for the mis-selling of PPI and more than 350,000 affected customers are to be contacted and offered a full refund. In a statement the company said that it took the matter "very seriously" and apologised to its customers. The FSA claimed that the way PPI was sold at Swinton "fell a long way short" of requirements
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