Liberty Specialty Markets has responded to Liberty Mutual Insurance Europe (LMIE) being fined £5,280,800 by the Financial Conduct Authority (FCA) for failures in its oversight of mobile phone insurance claims and complaints handling.
The fine had been reduced by 30% from £7,544,000 due to Liberty settling at an early stage of the investigation.
“This fine from the FCA relates to activity undertaken by LMIE (our Company market operation), under an arrangement which began in 2010, before the
The editorial team get their teeth into the top stories.Subscribe to our daily newsletter for all the latest news
- Government reveals recalculated Ogden rate
- Insurers disappointed by the new discount rate
- Lloyd’s strategy change gets market backing
- Danish regulator orders Gefion not to expand its business volume
- FCA issues fresh clone broker warning
- Chris Guillaume formally hands over CEO role
- CRL close to finding replacement for Alpha policies