Swinton Insurance 'swindling' customer out of money
Swinton Insurance have been fined a whopping £770,000 for mis-selling insurance.
Swinton have been mis-selling payment protection insurance and have been order to give 350,000 customers a refund.
From December 2006 to March 2008 Swinton 'assumed' that customers wanted PPI (payment protection insurance) and as standard included this in the quotes given to customers. However, this was never disclosed to customers.
Swinton never established whether customers actually wanted the PPI cover. The cover only cost £1.21, but they would charge around £15 - £20 for the insurance.
The Financial Services Authority have said that Swinton have made deliberate breaches and that they knew that they have to establish whether the customer actually wanted or even needed the cover.
The fines incured by Swinton are the latest in the string of clamp downs by the FSA on those who have been offering PPI and mis-selling. The FSA are looking to ban the cover entirely.
Authorised and regulated by the Financial Services Authority
