Egg Banking have been fined £721,000 by the FSA for serious failings in its sales of credit card (PPI) Payment protection insurance.

The FSA found failings in about 40 per cent of telephone sales of credit card PPI made by Egg between January 2005 and December 2007.

The FSA has found millions of cases where credit card PPI has been mis-sold by the Lender.

The FSA has found many reasons why credit card PPI was mis-sold and its mostly down to Customers not receiving the correct information at the time of sale. Also customers who declined to take out credit card ppi, still had it added to their credit card accounts.