Homeserve handed a record fine of £30.6m for mis-sold products
SPECIALIST insurer Homeserve was yesterday slapped with a record £30.6m fine, the largest handed down by the Financial Conduct Authority (FCA) to any company other than a bank.
The fine relates to mis-selling of products, poor incentive and complaints procedures and computer problems that meant some customers were overcharged.
The FCA said there were “serious, systemic and long-running failings, extending across many key aspects of its business.”
Homeserve chief executive Richard Harpin said he regretted the problems.
The fine, which is lower than the £34.5m penalty proposed by the FCA in a draft notice in January, includes a 30 per cent discount for early settlement. HomeServe said it would not need to make further provisions for the fine and the associated remediation exercise.