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FSA denies BBC claims

The Financial Services Authority has denied claims that a number of banks and lenders are to be fined around 1m for mis-selling payment protection insurance.

Its denial follows claims made by the BBC that up to 10 banks and lenders are to be hit with steep fines in the coming weeks.

The FSA says that it published findings earlier this month on PPI selling practices, when it referred 10 firms to enforcement.

Among these Regency, Loans.co.uk and Redcats were each hit with fines while Eastern Western Motor Group was imposed with public censure.

The FSA says it has no idea where the claims about these 10 new firms originated from.

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