Swinton, one of the largest insurance companies in the UK has been fined €8.5 million by the Financial Conduct Authority (FCA) for mis-selling insurance policies. The FCA stated that Swinton had “prioritised profit” and in doing so failed to treat their customers fairly. The incidents arose from the company selling “add-ons” in the form of personal accident, home emergency and motor breakdown policies. The “add-ons” were not the problem, but the fact that the customer was not told that these policies were optional extras. Swinton has since contacted 650,000 customers and has set aside over €13 million for compensation.
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