FCA fine not to blame for profit slump as Swinton plots job cuts
Swinton has attributed changes to its sales practices following regulatory action over the mis-selling of add-on products to a drop in its annual turnover last year, which sunk to £301.4m from £329.1m in 2011.
The high-street broker recorded a slump in its operating profit, which dropped to £31.7m from £55.6m the previous year. Post-tax profit fell to £18.9 in 2012 from £36.1m in 2011.
Swinton has stated
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