Swinton stung by FSA fine for 'serious failings' in PPI scandal
Margaret Cole: "Play fair, or not at all."
Swinton has been fined £770,000 by the Financial Services Authority (FSA) for "serious failings" in its sale of premium payment protection insurance (PPI).
The FSA said the broker had agreed to contact in excess of 350,000 customers and offer refunds on more than 480,000 PPI policies.
The watchdog found that between December 2006 and March 2008 the firm's PPI sales process was flawed. Swinton exited the PPI market in March 2008 following a request from the FSA when the failings came to light.
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