FCA hits HomeServe with largest ever retail fine

The Financial Conduct Authority (FCA) has fined HomeServe Membership Limited £30.6m in its largest ever retail fine for mis-selling.

The FCA found HomeServe had serious, systemic and long running failings, extending across many key aspects of its business. In particular, during the period January 2005 to October 2011 it mis-sold insurance policies, failed to investigate complaints adequately, its board was insufficiently engaged with compliance matters and its senior management were reluctant to address risks to customers if there was a cost implication involved, the FCA said.   HomeServe is an insurance intermediary, which sells home emergency and repairs insurance cover. The regulator said, following a rapid expa...