Swinton Insurance

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Swinton Group Ltd
Type Subsiduary
Industry Insurance
Founded 1957 (1957)
Founders Ken Scowcroft
Headquarters Manchester, United Kingdom
Number of locations 350
Products Car insurance, payment protection insurance
Owners Covea Insurance
Employees 5,000+
Website www.swinton.co.uk

Swinton Insurance is a UK insurance brokerage that was established in 1957.[1] It has 350 branches across the United Kingdom[2] and in excess of 5,000 employees.[3] Swinton Group Limited has been owned by French insurance company Covea Insurance since 2012.[citation needed][clarification needed]

History[edit]

Swinton began in 1957, when Ken Scowcroft began a car insurance business and named it after the borough of Salford where he lived. The first premium cost just over £5, and in the first year he sold around 100 policies to local people.[4]

Scowcroft’s goal was to change the way insurance is purchased in the UK. In the 1950s, people usually bought motor insurance from a salesman who came to the door.[citation needed] Scowcroft said he could give a much more competitive offer to his customers, by comparing prices from a number of insurance companies to find the best value cover.[citation needed]

In 1991 the Scowcroft family sold Swinton to Sun Alliance[citation needed] and a decade later it changed hands again when it was acquired by MMA Insurance.[citation needed]

In October 2012, Swinton came under the ownership of Covea Insurance, which was formed by the integration of three sister companies - Provident Insurance, MMA Insurance and Gateway Insurance.[citation needed]

Financial authorities and fines[edit]

In 2009, Swinton was fined £770,000 by the Financial Services Authority (FSA) for mis-selling payment protection insurance (PPI) policies.[5] In July 2013, Swinton was fined £7.4m by the Financial Conduct Authority (FCA) in relation to sales of monthly insurance products sold by telephone between April 2010 and April 2012.[6]

New[when?] Chief Executive Christophe Bardet stated that Swinton had notified these problems to the Financial Services Authority in March 2012 and co-operated fully with the FCA. Swinton acknowledged its shortcomings in its sales practices during the specific period in question, and the company unreservedly apologised to customers.[citation needed] After instigating a full review of the business after his appointment in December 2011, Bardet announced a comprehensive transformation of the business with a three-year, £75m investment programme.Christophe Bardet is due to step down end of december 2014.[7]

References[edit]

External links[edit]