FSA issues £2.8m fine for TCF breaches
The Financial Services Authority (FSA) has doled out a near £3m fine to an American insurer operating in the UK.
Combined Insurance Company of America (CICA) has been fined £2.8m for failing to embed fully a culture that ensured its customers were treated fairly.
CICA sold accident and sickness insurance products via self-employed sales agents.
During the period investigated by the FSA (1 April 2008 to 26 October 2010), CICA had 542,133 policyholders and received £47m in premiums for new policies sold.
Its customers were typically self-employed, small business owners or manual workers.
In August 2010 the
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