Swinton Insurance fined for mis-selling

<p>A £7.38 million fine was given to Swinton.</p>

Swinton Insurance has been given a massive fine by the Financial Conduct Authority (FCA) after the firm was found to have been mis-selling policies.

The company was ordered to pay £7.38 million by the regulator, which accused Swinton of having an "aggressive sales strategy", as well as failing to treat its customers fairly.

Swinton Insurance issued an apology and confirmed it has set aside over £11 million to pay compensation to members of the public who were mis-sold policies.

Tracey McDermott, the FCA's director of enforcement and financial crime, said: "When selling monthly add-on policies, Swinton did not place the consumer at the heart of its business. Instead it prioritised profit."

Martin Wheatley, the FCA chief executive, explained that the regulator is going to be clamping down on these add-on policies that are sold by insurance companies.

Swinton is one of the UK's biggest insurers and the firm has more than 500 local branches up and down the country.

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