Swinton fined for PPI failings
Thu, 29 Oct 2009
A high street insurance broker has been fined £770,000 for "serious failings" in its advised sales of single premium payment protection insurance (PPI) policies.

Swinton Group included PPI automatically in its insurance quotes and on policies that only cost £1.21, charged as much as £20 per month. The Financial Services Authority (FSA) says the company made almost £8m from its PPI sales before it withdrew from the market last year following pressure from the FSA.

Swinton has agreed to contact more than 350,000 customers who paid for the insurance and offer a full refund. Its cooperation has meant that the company has had its fine reduced from a possible £1.1m.

FSA director of retail enforcement and financial crime Margaret Cole said: "These were deliberate breaches. Swinton was fully aware it should establish customers' needs for PPI before recommending it, yet nearly half a million policies were sold to customers who didn't necessarily require them. The firm clearly failed to treat its customers fairly."
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