Fines totalling £22.7 million have been imposed on financial providers who mis-sell products such as pensions, mortgages and payment protection insurance (PPI). Just under 50 fines, ranging from £4,000 to £7 million were levied in 2008.

The number and value of penalties has risen dramatically on the previous year, when 23 errant firms were charged £5.3 million.

Alliance & Leicester received the largest fine, with financial heavyweights Credit Suisse, GE Money Lending, Liverpool Victoria and Egg also being punished.

Penalties for PPI mis-selling accounted for the largest single proportion of fines, more than £10 million. See the Which? PPI mis-selling campaign page for more information.

Source: WHICH!