FSA issues £2.8m fine for TCF breaches

Martin Friel
19 Dec 2011

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Combined Insurance Company of America (CICA) has been fined £2.8m for failing to embed fully a culture that ensured its customers were treated fairly.

CICA sold accident and sickness insurance products via self-employed sales agents.

During the period investigated by the FSA (1 April 2008 to 26 October 2010), CICA had 542,133 policyholders and received £47m in premiums for new policies sold.

Its customers were typically self-employed, small business owners or manual workers.

In August 2010 the

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