Swinton Insurance

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Swinton Insurance (Swinton Group Ltd) is an insurance brokerage, established in 1957,[1] registered in England. It has 350 branches across the United Kingdom[2] and in excess of 5,000 employees.[3] Swinton Group Limited is connected for the purposes of the Insurance Companies Regulations 1994 to Covea Insurance plc.[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 Covéa 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.[7]

References[edit]

  1. ^ Swinton Insurance http://www.swinton.co.uk/about-us/ |url= missing title (help). Retrieved 7 July 2014. 
  2. ^ Swinton Insurance http://www.swinton.co.uk/about-us/ |url= missing title (help). 
  3. ^ Swinton Careers http://www.swintoncareers.com/about.html |url= missing title (help). Retrieved 7 July 2014. 
  4. ^ Swinton Insurance http://www.swinton.co.uk/about-us/ |url= missing title (help). Retrieved 7 July 2014. 
  5. ^ "Final Notice (To Swinton Group Ltd)". Financial Services Authority. 28 October 2009. Retrieved 2014-03-25. 
  6. ^ "FCA fines Swinton Group Limited £7.38 million for mis-selling monthly add-on insurance policies - Financial Conduct Authority". Financial Conduct Authority. 16 July 2013. Retrieved 2014-03-25. 
  7. ^ http://www.postonline.co.uk/post/opinion/2297279/your-say-swinton-bigger-and-stronger(subscription required)

External links[edit]