20/12/2011 - 2.8m TCF Risk Insurer Fine
2.8m TCF Risk Insurer Fine.
Between April 2008 and October 2010, CICA sold accident and sickness insurance policies via self-employed agents, had over 542,000 UK policyholders and received £47m in premiums for new business
The FSA found that CICA did not properly ensure its agents had the skills and knowledge to provide advice. It also found that the insurer did not make sure its agents recorded all the relevant information when advising customers on insurance products.
CICA settled the fine early with the FSA and received a 30% discount on its fine. Without the settlement discount the fine would have been £4m.
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