Insurer fined £770k for PPI failings; Agrees to refund 350,000 customers

Swinton Group automatically included PPI in its insurance quotes and, on policies that only cost £1.21, charged as much as £20 per month. The FSA says the company made almost £8m from its PPI sales before it exited the market last year following FSA pressure. Swinton has agreed to contact over 350,000 customers who paid for the insurance and offer a full refund. Its cooperation also meant its fine was reduced from a possible £1.1m. "These were deliberate breaches," FSA director of retail enforcement and financial crime Margaret Cole says. "Swinton was fully aware it should estab...