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Release Date: 5th November 2014

To access the original FCA document, click here.


The Financial Conduct Authority (FCA) has issued fines totalling £928,000 to three former executives of Swinton Group Limited for their roles in mis-selling insurance add-ons. The fines were levied against Peter Halpin, former chief executive, who received a fine of £412,700; Anthony Clare, former finance director, fined £208,600; and Nicholas Bowyer, former marketing director, fined £306,700. Each of these executives has also been banned from holding significant roles within the financial services industry due to their failures.

The FCA’s enforcement follows a pattern of previous actions against Swinton, including a £7.4 million fine in 2013 for aggressive sales strategies and a £770,000 fine in 2009 related to PPI mis-sales. This series of fines highlights ongoing issues within Swinton concerning the prioritisation of profit over customer welfare, which culminated in the latest penalties.

The FCA’s investigation revealed that the executives fostered a sales-driven culture which ultimately jeopardised fair customer treatment. This was particularly evident in the development and implementation of Swinton’s business strategies, which heavily incentivized achieving high profits at the expense of ethical sales practices. Such strategies were tied to substantial bonuses for directors if certain profit thresholds were met.

Key Takeaways for Other Firms:

These lessons are critical for financial services firms to maintain integrity, foster consumer trust, and adhere to regulatory standards, thereby avoiding similar punitive measures.

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