http://www.insuranceage.co.uk/insurance-age/news/2379614/fca-fines-and-bans-three-former-swinton-senior-executives?utm_term=&utm_content=FCA%20fines%20and%20bans%20three%20former%20Swinton%20senior%20executives&utm_campaign=IA.Daily_RL.EU.A.U&utm_medium=Email&utm_source=IA.DCM.Editors_Updates

"Ban follows enforcement action in 2013 and Halpin, Bowyer and Clare have been barred from senior roles at FCA regulated firms.

The Financial Conduct Authority (FCA) has fined three former senior executives of Swinton Group a combined total of £928,000 and banned them from performing various roles at financial services firms.

The FCA's action follows previous enforcement action taken against Swinton in 2013 when the company was fined £7.4m after it adopted an aggressive sales strategy that resulted in mis-sales of monthly add-on insurance policies.

A culture of pushing for high sales and increased profit without regard for customers had developed at Swinton according to the regulator.

Peter Halpin, former chief executive of Swinton, was fined £412,700 and is banned from acting as chief executive of a financial services firm.

Anthony Clare, the former finance director, was fined £208,600 and is banned from performing significant influence functions at financial services firms.

And the same ban has also been placed on Nicholas Bowyer, former marketing director, who was fined £306,700.

Competence

All three have been banned on the basis of showing a lack of competence in their respective former roles.

Tracey McDermott, director of enforcement and financial crime at the FCA, said: "A culture was allowed to develop within Swinton that pushed for high sales and increased profit without regard to the impact on the firm's customers.

"We expect firms to put customers at the heart of their business. These three directors should have recognised the risk to customers and redressed the balance so that the drive to maximise profits did not jeopardise the fair treatment of customers.

"Those with significant influence within firms are responsible for setting the tone and the culture; they set the example that others will follow.

Action

"Today's enforcement action should serve as a timely reminder to those at the very top of firms that the FCA is determined to hold individuals to account where they fall short of the standard we require."

A statement from Halpin reads: "I sincerely regret any possible unintended detriment suffered by customers.

"I acted in good faith at all times and it is of some significant comfort that the Regulator did not impugn my integrity, nor find that my conduct was improperly motivated by incentive arrangements".

Swinton was also fined £770,000 in 2009 for failures in its sales of PPI"