Swinton fined £7m for mis-selling japes
The FCA said that the insurer’s "aggressive sales strategy" helped them to pocket an extra £92.9m from customers by selling optional monthly extras. However, Swinton didn't tell customers that the extra cover was optional.
Tracey McDermott, director of enforcement and financial crime at the FCA, 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.”
As such, Swinton have been forced to allocate £11.2m to repay people who were mis-sold.
Which!!!!! executive director, Richard Lloyd, said: “It’s good to see the FCA handing out a hefty fine, which sends a very clear message to the insurance industry that mis-selling won’t be tolerated.”
Swinton’s chief Christophe Bardet said: “We apologise for these shortcomings. They were not compatible with the proud history of Swinton.”
Don't know about you but we'd LOVE to sit through a lecture on 'the proud of history of Swinton'.