Fsa's [Pounds]735,000 Fine for Insurer ; Regulation

Evening Standard - London › July 28, 2008

Linked as:

Summary

VICTORIA STEWART ONE of Britains best-known sellers of car insurance has been fined [pounds]735,000 for mistreating customers.

Hastings Insurance, whose adverts feature the crusading mascot Harry Hastings, has come under fire for cancelling policies after it found it had undercharged on premiums. The Financial Services Authority said the company did not properly consider the alternatives or the detrimental effect on customers, focusing solely on its own financial interests. Hastings, which the City expects will soon be sold by Australian owner IAG, gave incorrect quotations to 4,500 customers before ditching the policies. Premiums were underestimated by hundreds of pounds due to what the FSA called data errors.

See the full content of this document

Extract

Fsa's [Pounds]735,000 Fine for Insurer ; Regulation

It is clear...

See the full content of this document