FCA hits Swinton with £7.4m fine for "prioritising profit" while failing customers
The Financial Conduct Authority (FCA) has fined Swinton Group £7,380,400 for mis-selling.
The FCA found that Swinton’s aggressive sales strategy meant that it failed to treat customers fairly in its telephone sales of monthly add-on insurance policies.
The FCA fine was originally £10,543,500 but this was reduced by 30% as Swinton settled at an early stage during the regulator's investigation.
Between April 2010 and April 2012, Swinton sold personal accident, home emergency and motor breakdown policies, generating an income for accounting purposes of £92.9 million.
Extremely limited
Th
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Insurer
Aviva confirms Karen Dayal as commercial lines CUO
Aviva has named Karen Dayal as chief underwriting officer for commercial lines, reporting to UK and Ireland GI CEO, Jason Storah.
SRG drives into motorsport with Allianz hire
Specialist Risk Group’s managing general agent, MX, is on the starting grid for the launch of a specialist motorsport underwriting offering, and has added a new leader.
Only one in 10 consumers aware of ‘ghost broking’ threat
Ninety percent of people who have heard of online insurance fraud are unaware of the term ‘ghost broking’, according to the Association of British Insurers.
Ecclesiastical aims to help brokers with Independent Schools Risk Barometer
Ecclesiastical has launched The Independent Schools Risk Barometer 2024 to help brokers talk to clients in the sector about the biggest risks they face.
Uncorking the Great British wine market – the insurance of vineyards
David Harrison, viticulture specialist at NFU Mutual, shares his thoughts on meeting the insurance challenges facing the booming winery and vineyards sector.
Four insurers able to restart selling GAP insurance – FCA
The Financial Conduct Authority has confirmed that four insurers can restart selling guaranteed asset protection insurance after it took action in February and March to halt sales across the market.
Biba 2024: Aviva’s Rebecca Gambrell on evolving the digital future
Aviva is listening to brokers’ feedback on what they want to etrade and responding appropriately, according to SME portfolio director Rebecca Gambrell.
People Moves: 13 – 24 May 2024
Keep up to date on the latest personnel changes in insurance.
Most read
- Industry pays tribute to former colleague Geoff Kitchen, who died on Singapore Airlines flight
- Personal lines the stand out as Aviva UK GI GWP jumps 19% in Q1
- Biba 2024: Aviva’s Rebecca Gambrell on evolving the digital future