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Carphone Warehouse Fined £29M For Misselling Insurance

Law360 (March 13, 2019, 7:45 AM EDT) -- The Financial Conduct Authority said Wednesday it has fined British mobile retailer Carphone Warehouse £29.1 million ($38.3 million) for misselling insurance and technical support products, following reports from whistleblowers.

Carphone Warehouse trained staff in “spin-selling” of cover for its mobile phone insurance and technical support product, even if potential buyers were already insured elsewhere, the FCA has said. (AP) The City watchdog said The Carphone Warehouse Ltd. had trained its staff on “spin-selling” of insurance products, in which the focus was on persuading customers to buy cover for Geek Squad, a mobile phone insurance and technical support product — even if...

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