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Swinton Fined over £7M


CliveH

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BUT - the actions they were fined on netted them nearly £93M - not a bad return overall then!!!!

 

This from one of the Pinks

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The Financial Conduct Authority (FCA) has fined high street insurance retailer Swinton Group £7,380,400 million for ‘aggressive’ mis-selling.

 

The FCA found that Swinton’s ‘aggressive sales strategy’ failed to treat customers fairly in its telephone sales of monthly add-on insurance policies.

 

Between April 2010 and April 2012, Swinton sold personal accident, home emergency and motor breakdown policies without providing enough information to customers about key terms of the policies. It also failed to properly monitor sales calls, said the FCA.

 

It generated £92.9 million of income during that period.

 

According to the regulator, Swinton has set aside £11.2 million to repay those customers who were mis-sold, of which £1.9 million has already been paid out. It has contacted over 650,000 customers it thinks may have been affected.

 

Tracey McDermott (pictured), the FCA’s director of enforcement and financial crime, said: ‘Swinton failed its customers. When selling monthly add-on policies, Swinton did not place the consumer at the heart of its business. Instead it prioritised profit.

 

‘At the FCA we have been clear in our expectation that firms must behave in the interests of consumers. Today’s outcome shows our approach in action and will act as a deterrent for other firms tempted to put profit figures above the fair treatment of customers.’

 

Martin Wheatley, FCA chief executive said: ‘I recently told the insurance industry that we were taking a strong interest in the area of add-ons, and our first competition study will take a far-sighted view of the impact of current practice on consumers in this market.’

 

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So if you were sold a policy by Swinton - you might want to think about a claim.

 

 

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Guest peter

Swinton are a bunch of sharks. They tried to rip me off for £100 on my car renewal. Don't want to have anything to do with the robbing barstewards in the future.

Only problem is , they do the Safeguard motorhome insurance.

I will have to look around next time. >:-)

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Guest pelmetman
peter - 2013-07-16 10:10 PM

 

Swinton are a bunch of sharks. They tried to rip me off for £100 on my car renewal. Don't want to have anything to do with the robbing barstewards in the future.

Only problem is , they do the Safeguard motorhome insurance.

I will have to look around next time. >:-)

 

Nowthen Peter ;-).................av thee moved..................or is it fast :-S

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Guest pelmetman
peter - 2013-07-16 11:17 PM

 

Yes dave I have moved. Don't know what you mean by "is it fast".

 

Fast is local for "stuck" ;-)................seeing as you haven't updated your profile :-S..............so are you still "stuck" or gone foreign? ;-).........

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Guest peter
pelmetman - 2013-07-16 11:28 PM

 

peter - 2013-07-16 11:17 PM

 

Yes dave I have moved. Don't know what you mean by "is it fast".

 

Fast is local for "stuck" ;-)................seeing as you haven't updated your profile :-S..............so are you still "stuck" or gone foreign? ;-).........

We've moved the other side of boston. Couldn't take the tractors on that bloody A52 any longer. It takes ages from wrangle to get through boston. Plus my wife didn't like living in a bungalow, however luxurious I made it.
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