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
- Three insurance firms on FSCS insolvency list
- Aspen Risk Management to be placed in runoff
- Aston Lark on cusp of £320m Goldman Sachs investment
- Esure hires former Aviva UKGI boss David McMillan as CEO
- Biba will return to Manchester in 2020
- Aston Lark confirms Goldman Sachs investment deal
- FCA warns of clone MGA