Hastings Fined Over Cancelled Policies

Ian_W

Around 12 months ago several threads appeared about Hastings fairly arbitrarily cancelling mis-priced motor policies - search list HERE.

CITYWIRE to-day reports:
" The City regulator has cracked down on a brokerage for the way it cancelled 4,550 incorrectly priced car insurance policies, imposing a ₤0.73 million fine - the biggest it has ever slapped on a general insurance broker."
Full story - HERE.

May be of interest to those affected if they are still forum users.

Oscar_The_Grouch

Thanks for this. Here is the link to the FSA's own press release on the subject:

http://www.fsa.gov.uk/pages/Library/Communication/PR/2008/080.shtml

Ian_W

Thanks Oscar, two points I found interesting in the press release:

... and agreed with the FSA to write to all affected customers and review the compensation it offered to ensure that its customers are treated fairly.

and

Hastings agreed to settle the case at an early stage, otherwise the fine would have been £1,050,000.

:eek: