LONDON (Reuters) - Swinton, one of Britain's biggest high street insurance brokers, has been fined 7.4 million pounds ($11.2 million) for aggressive sales tactics, the Financial Conduct Authority (FCA) said on Tuesday.
It is the latest move by the new watchdog to crack down on insurance rip-offs and improve competition in a sector still tarnished by the loan insurance mis-selling that has resulted in Britain's banks paying out more than 10 billion pounds in compensation.
Swinton failed to treat its customers fairly in the way it sold "add-on insurance" – policies bolted on to car, gadget or holiday sales.
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