Swinton Fined $11.2 Million for Mis-Selling Insurance in U.K.Lindsay Fortado
The U.K. markets regulator fined Swinton Group Ltd. 7.4 million pounds ($11.2 million) for mis-selling personal accident, home emergency and car breakdown insurance policies.
The Financial Conduct Authority found that Swinton didn’t give customers enough information about the terms of the policies and didn’t sufficiently monitor its sales calls. Swinton set aside 11.2 million pounds to repay customers who were mis-sold insurance, the regulator said in a statement today.
“Swinton acknowledges the shortcomings in its sales practices during this period, and the company unreservedly apologizes to customers,” the insurer said in a statement. It has contacted more than 650,000 customers who may be entitled to redress and paid out 1.9 million pounds so far, it said.