Swinton fined £7m for mis-selling japes

17 July 2013

Bitterwallet - Swinton Insurer Swinton has been battered with a £7.38m fine after they were caught mis-selling 'add-on' insurance to more than 650,000 people by the Financial Conduct Authority.

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'.

TOPICS:   Investments   Insurance   Government


  • Captain.Cretin
    Try Admiral next, the company that say their quote includes all the options when you search the comparison sites, but then says they are all options you have to ADD (and pay extra for), when you try to buy the insurance. Even then, you are directed to a human "helper", who tries to add even more tat, even when you have already selected an alternative option (ie two different levels of Legal Protection).
  • Rasta P.
    Wait......they pocketed an extra £92.9m, were fined £7.38m and have allocated £11.2m to repay people who were mis-sold? That kind of puts them £74m ahead of the game? Where do I sign up?
  • fibbingarchie
    People really are fucking fuckwits, just say no. A recent sales call I had went a bit like this: Caller: "Hello I'm calling from (my insurance company)" Me: "Are you going to try and sell me something?" Caller: "Eh.....no, I wanted to tell you about a service that might be of benefit to you" Me: "So it's free then?" Caller: "Eh, well not quite, but.." Me: "Well fuck off then!" Slams phone down. Quite simple really.
  • zeddy
    @fibbingarchie: And that's your next accident claim fucked!
  • Spencer
    @ Rasta Pickles... excluding another £20m or so to shut people up. I reckon even after pay-offs and bungs they're still £50m to the good...
  • Reser
    So once again they have let a company get away with making a massive profit, where exactly is the downside to ripping off the customers then? Even if they get caught they STILL win.
  • Reser
    making a massive profit by mis-selling*

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