05:17
Tieng Anh Vui
One of the UK's largest insurance companies, Swinton, has been fined £7.38m for mis-selling policies to its customers.
The regulator, the Financial Conduct Authority (FCA), accused the company of an "aggressive sales strategy" and of failing to treat its customers fairly.
It said the company had "prioritised profit".
In a statement, Swinton Insurance said it apologised unreservedly to customers.
The fine, one of the largest of its kind, relates to policies that were sold over the telephone.
Between April 2010 and April 2012, staff attempted to sell so-called "add-ons", in the form of personal accident, home emergency and motor breakdown policies.
But customers were not told that the policies were optional.
"Swinton failed its customers," said Tracey McDermott, the FCA's director of enforcement and financial crime.
"When selling monthly add-on policies, Swinton did not place the consumer at the heart of its business. Instead it prioritised profit," she said.
The FCA said such add-ons generated £92.9m of income for the company.
Swinton said it had now contacted more than 650,000 customers, and paid out £1.9m in compensation.
"We apologise for these shortcomings," said Christophe Bardet, the chief executive of Swinton.
The company said it had changed its practices, and has set aside a total of £11.2m to compensate its customers.
Đăng ký: Tieng Anh Vui
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