Homeserve hit with proposed £34.5m FCA penalty

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Watchdog tackles historic issues as firm ups provision for mis-selling by £30m.

Homeserve has received a draft warning notice from the Financial Conduct Authority (FCA) proposing a penalty of £34.5m, the business has confirmed.

The FCA's investigation into historic regulatory issues at Homeserve Membership Limited, has focused on issues relating to sales and marketing, controls and governance and complaints handling.

In October 2011 the business temporarily suspended all telephone sales and marketing following a review of its UK operations and procedures.

The potential fine

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