FCA fines The Carphone Warehouse £29m for mis-selling insurance
Huge penalty levied by the watchdog after a whistleblower sounded the alarm and the FCA launched an investigation which found firm failed to train staff to give suitable advice.
The Financial Conduct Authority (FCA) has fined The Carphone Warehouse £29.1m for failings that led to the mis-selling of a mobile phone insurance and technical support product.
The regulator noted that its investigation had stemmed from whistleblowing reports.
The FCA found that The Carphone Warehouse had failed to give its staff the right training to give suitable advice to customers purchasing the product named ‘Geek Squad’.
In particular, sales consultants were not trained adequately
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