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
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