Homeserve get record fine for “Serious, Systemic and Long-Running Failings”
Maintenance company Homeserve, which has described itself as “Britain’s fifth emergency service” has been handed the largest retail fine to date – £30.6m, by City regulators following an 18-month investigation by the Financial Conduct Authority.
The FCA found that 69,000 customers were mis-sold insurance policies, after the company failed to explain their comparative price and coverage. It also found that their pay structure rewarded staff for the number of products that they sold, regardless of whether the customer needed them.
They also found that there were incentives for staff to close complaints, which left a risk that issues were not handled fairly, and that the board was “insufficiently engaged with compliance matters”.
If You Think You May Be Affected
Financial Claims Services, part of the Harrington Brooks Group, are a team of experienced and trained professionals, dedicated to ensuring that all those who are entitled to a claim from mis-sold products receive what they are owed.
If you feel that you could have been mis-sold insurance by Homeserve, or any other provider, do not hesitate to get in touch on 0161 975 3439.