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Carphone Warehouse fined £29m for insurance mis-selling

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The Financial Conduct Authority (FCA) found the firm failed to train staff properly to advise customers buying Geek Squad mobile phone insurance

The FCA was tipped off by a whistleblower.

Carphone Warehouse's boss said the firm was "disappointed" it had fallen short in the past but that it was a "very different business today".

Mark Steward, executive director of enforcement and market oversight at the FCA, said: "The Carphone Warehouse and its staff persuaded customers to purchase the Geek Squad product which in some cases had little to no value because the customer already had insurance cover. The high level of cancellations should have been a clear indicator to the management of mis-selling.

"Without whistleblowers coming forward, these practices may never have come to light. In the past few years, whistleblowers have contributed critical intelligence to the enforcement actions we have taken against firms and individuals."

 

 

https://www.bbc.co.uk/news/business-47551496


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