Three former senior executives of a high street insurer have been banned and fined a total of almost £1m for failing to prevent - and in some cases actively encouraging - the development of an aggressive sales culture which led to the mis-selling of insurance add-ons to consumers.
The Financial Conduct Authority has fined Peter Halpin, the former CEO of Swinton Group, £412,700; Anthony Clare, the former finance director, £208,600; and Nicholas Bowyer, the former marketing director, £306,700. Halpin has been banned from operating as chief executive of an FCA-authorised firm, while Clare and Bowyer have been prohibited from performing significant influence functions at financial services firms. The action follows an FCA fine of £7.4m for Swinton last year for mis-selling policy add-ons for personal accident, home emergency and motor breakdown plans. While Halp...
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