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Dixons Carphone fined £29m for insurance mis-selling

Wed, 13th Mar 2019 08:14

(Sharecast News) - The Financial Conduct Authority has fined Dixons Carphone more than £29m for insurance mis-selling.The regulator said that Carphone Warehouse, which is part of the merged Dixons Carphone retailer, had failed to provide its sales consultants with the right training to give suitable advice to customers purchasing Geek Squad mobile phone insurance.In particular, sales consultants were not trained adequately to assess a customer's needs to determine whether Geek Squad was suitable. They were trained to recommend Geek Squad to customers who already had cover, for example through their home insurance or bank accounts, the FCA found.Between 1 December 2008 and 30 June 2015, Carphone sold Geek Squad policies worth more than £444.7m, a high proportion of which were cancelled early.Mark Steward, executive director of enforcement and market oversight at the FCA, said: "The Carphone Warehouse and its staff persuaded customers to purchase the Geek Squad product which in some cases had little to no value because the customer already had insurance cover. The high-level of cancellations should have been a clear indicator to the management of mis-selling."Without whistleblowers coming forward these practices may never have come to light. In the past few years, whistleblowers have contributed critical intelligence to the enforcement actions we have taken against firms and individuals."Dixons Carphone said in a statement that it has worked closely with the FCA throughout the investigation and accepts that its practices fell short in the past.It said the company has introduced more comprehensive customer-needs assessments, enhanced colleague training and compliance monitoring. It has also invested in customer service and post-sale customer satisfaction, and substantially increased the number of independent financial services coaches across the Carphone Warehouse store estate.Chief executive Alex Baldock said: "We're obviously disappointed that Carphone Warehouse fell short in the past. But we're a very different business today; as the FCA acknowledges, we've made significant improvements since 2015. We're committed to stay on that trajectory, and to make sure all customers enjoy the right technology products and services for them."At 0820 GMT, Dixons Carphone shares were down 1% to 131.45p.
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21 Jun 2019 15:37

Directors deals: Dixons Carphone's entire board buys in near nine-year lows

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21 Jun 2019 15:19

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21 Jun 2019 13:30

Friday broker round-up

(Sharecast News) - Weir Group: Liberum downgrades to buy with a target price of 1,650p.

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21 Jun 2019 10:30

WINNERS & LOSERS SUMMARY: IQE's Profit Pain, SolGold's Ecuador Boost

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21 Jun 2019 09:29

BROKER RATINGS SUMMARY: Morgan Stanley Cuts HSBC To Equal-Weight

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20 Jun 2019 16:50

LONDON MARKET CLOSE: FTSE Rises As Gold Sparkles After Dovish US Fed

(Alliance News) - A trio of cautious central banks helped London stocks climb on Thursday, with the Bank of England the latest to chime in with a downbeat outlook. The BoE's comments came a US

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20 Jun 2019 13:21

Thursday broker round-up

(Sharecast News) - Halma: UBS upgrades to neutral with a target price of 2,060p.

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20 Jun 2019 12:24

REPEAT: LONDON MARKET MIDDAY: BOE Says UK Economy Weakening

(Alliance News) - Share prices in London were higher on Thursday with central banks remaining in focus after the US Federal Reserve boosted stocks and knocked the dollar by matching the European a

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20 Jun 2019 12:13

LONDON MARKET MIDDAY: Bank Of England Says UK Economy Weakening

(Alliance News) - Share prices in London were higher on Wednesday with central banks remaining in focus after the US Federal Reserve boosted stocks and knocked the dollar by matching the European

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20 Jun 2019 10:45

WINNERS & LOSERS SUMMARY: Fresnillo Gains As Gold Surges On Dovish Fed

(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - up 5.4%. "The biggest headline from last was

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20 Jun 2019 09:11

LONDON MARKET OPEN: Gold Miners Gain On Fed; Dixons Plunges On Results

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20 Jun 2019 09:09

TOP NEWS: Dixons Carphone Shares Sink On UK Mobile Market Woes

(Alliance News) - Shares in Dixons Carphone PLC plummeted Thursday after it warned that an increasingly changing UK mobile market will further hurt results in the new 2020 financial company also a

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20 Jun 2019 07:55

LONDON MARKET PRE-OPEN: Higher Open On US Fed; Dixons Carphone In Loss

(Alliance News) - Stock prices in London are called higher on Thursday, after the Federal Reserve signalled the likelihood of US interest rate cuts in the months ahead.Meanwhile, among UK swung to

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20 Jun 2019 07:32

Dixons Carphone FY slumps; warns of big fall this year

(Sharecast News) - Electricals and mobile phone retailer Dixons Carphone reported a slump in full year profits and warned of further falls in the current trading year.

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