LONDON (Reuters) - Swinton, one of Britain's biggest high street insurance brokers, has been fined 7.4 million pounds ($11.2 million) for aggressive sales tactics, the Financial Conduct Authority (FCA) said on Tuesday.
It is the latest move by the new watchdog to crack down on insurance rip-offs and improve competition in a sector still tarnished by the loan insurance mis-selling that has resulted in Britain's banks paying out more than 10 billion pounds in compensation.
Swinton failed to treat its customers fairly in the way it sold "add-on insurance" – policies bolted on to car, gadget or holiday sales.
"The nature of the failings, particularly poor sales scripts, meant that every sale could have been a mis-sale," the FCA said in a statement.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
