‘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…

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