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.
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