The Financial Conduct Authority (FCA) has fined Liberty Mutual Insurance Europe £5,280,800.
The regulator handed out the punishment for failures between 5 July 2010 and 7 June 2015 in Liberty’s oversight of its mobile phone insurance claims and complaints handling processes which were administered through a third party.
Liberty settled at an early stage of the investigation which meant it got a 30% discount. Without the discount, the penalty would have been £7,544,000.
The FCA noted
- Brokers warned over admin fees and commission
- Ardonagh closes 24 Swinton branches
- Mactavish chases “ultimate failure” £30m British Steel claim
- Mactavish names all British Steel insurers
- Gibraltar insurer, Lamp, goes into liquidation amid insolvency
- In Person: Simon Cooter and Carolyn Callan, Covéa
- BGL launches new short-term motor insurance brand