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16/07/2013
Insurer Fined Over £7m For Mis-Selling
A £7.4 million fine has been imposed on insurers Swinton for the mis-selling of add-on insurance policies.
The firm will also have to set aside some £11 million to compensate customers.
The fine, the largest of its kind, comes just days after an announcement by the Financial Conduct Authority (FCA) that it would investigate the add-on market.
It was found that Swinton had sold personal accident, home emergency and motor breakdown policies to customers without providing enough information about the terms and conditions or cancellation process.
The policies, which made the firm £93m, were sold alongside home and motor insurance, but the FCA said Swinton had not made it clear that they were optional extras and separate from the core cover being bought.
(MH/CD)
The firm will also have to set aside some £11 million to compensate customers.
The fine, the largest of its kind, comes just days after an announcement by the Financial Conduct Authority (FCA) that it would investigate the add-on market.
It was found that Swinton had sold personal accident, home emergency and motor breakdown policies to customers without providing enough information about the terms and conditions or cancellation process.
The policies, which made the firm £93m, were sold alongside home and motor insurance, but the FCA said Swinton had not made it clear that they were optional extras and separate from the core cover being bought.
(MH/CD)
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