More brokers face fines over add-ons after Swinton pays £7.4m penalty


Brokers are risking high fines by continuing sales of opt-out add-ons due to fears switching to an opt-in system could see sales drop by up to 70%. The Financial Conduct Authority slapped Swinton with a £7.4m fine last week after the broker was found to be mis-selling monthly add-on insurance policies, leading to suggestions among compliance experts that other firms could soon find themselves in the firing line. A disinclination to fully engage with the regulator’s tough stance against the sal