FCA review reveals poor practice in mobile phone insurance
The Financial Conduct Authority (FCA) has listed poor product design, unclear terms, and inadequate claims and complaints handling among the findings of its review into mobile phone insurance.
It also confirmed that it was set to impose a significant fine in July on one firm in the market for poor handling of complaints.
The watchdog's publication focused on the way mobile phone insurance firms designed products and handled claims from customers that had lost or damaged their phone, or had it stolen.
The regulator accepted that mobile phone insurance can be useful, but stated that it had found examples of poor practice in a number of areas including elements of the products which were
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