Swinton fined over add-on sales after FCA probe
Regulator hands broker £7.4m fine because of aggressive sales strategy
Swinton bore the brunt of the new and improved regulator last month as the Financial Conduct Authority (FCA) slapped it with a £7.4m fine. The penalty was the largest that has ever been handed down to an insurance broker since the sector came under the remit of the watchdog’s predecessor the Financial Services Authority.
The broker received the sanction due to an aggressive sales strategy which meant
that it failed to treat customers fairly in its telephone sales of add-on insurance policies.
Th
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