Express Gifts, a direct mail order and online business with permission to sell general insurance products, has entered into an agreement with the Financial Conduct Authority (FCA) to provide £12.5m redress to around 330,000 customers sold insurance that "offered little or no value".
According to the regulator, the insurance products sold by Express Gifts covered against accidental damage and theft for all products purchased from its Ace or Studio brands. The insurance was called "Property Insurance" from January 2005 to August 2008 and "Purchase Protection Insurance" from September 2008 to May 2015, with premiums calculated as a percentage of the customer account balance. This type of cover is no longer offered by the firm. After conducting its own quality assurance activity, the firm agreed with the FCA the insurance cover it had sold did not provide adequate value...
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