FCA has fined Swinton Group Limited £7,380,400 for mis-selling monthly add-ons through its telephone sales channel. It found Swinton used aggressive sales tactics which prioritised boosting sales at each stage of the product process. As a result, it failed to treat its customers fairly by failing properly to explain to them the nature and extent of the cover, failing to tell them it was optional or explaining it was separate from other insurance. It also used poor sales scripts and inadequate monitoring practices. FCA said this meant every sale could have been a mis-sale and the amount of the fine reflects the number and seriousness of the issues FCA found. The fine would have been even higher but for the 30 per cent discount Swinton received for settling early in the enforcement process, and the fact that it had taken part in an FCA study, published this year, which looked into how letters offering compensation could be written to ensure more customers respond. FCA also took into account the swift action taken by the new management of Swinton to put things right after the problems were discovered. The firm has set aside £11.2 million to compensate customers who were mis-sold and has contacted 650,000 customers already. (Source: FCA Fines Swinton Over Add-Ons)