An insurance company has been fined more than £8m by the City regulator for mis-selling personal accident plans, which means over 480,000 householders could now be in line for compensation.
Sales staff at Stonebridge International Insurance, part of insurance giant Aegon, targeted low and middle income customers without college degrees or professional qualifications by selling them expensivepersonal accident, accidental death and accidental cash plan insurance products, the Financial Conduct Authority said. The company would then use separate staff to contact the customers to ensure that they didn't cancel their policies.
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