‘Firms must put the interests of customers first’ warns the FCA as it hands down its largest ever retail conduct fine
Failings by insurance intermediary HomeServe Membership have resulted in the company being fined £30.6m, the largest amount ever imposed by the Financial Conduct Authority (FCA) for the retail sector in what the regulator described as ‘serious, systematic and long-running failings’. The fine would have exceeded £40.7m had HomeServe not qualified for a 30 per cent discount by agreeing to settle at an early stage of the FCA’s investigation.
The FCA said that HomeServe’s profit-driven culture had led to the company taking advantage of existing customers. It considered the failings to be particularly serious given the vulnerable nature of the customers affected by HomeServe’s compliance failures, a substantial proportion of which were of retirement age…
Click on the link below to read the rest of the Walker Morris briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Walker Morris
News from The Lawyer
Briefings from Walker Morris
The Court of Justice of the European Union has ruled that the one-off provision of incorrect information to a consumer is a ‘misleading commercial practice’.
From 1 October this year, landlords who let English properties will have to be wary of a change to the law introduced by the Deregulation Act 2015.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.