UK watchdog fines Stonebridge insurance firm 8.3 mln pounds

LONDON Thu Aug 7, 2014 5:25am EDT

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LONDON Aug 7 (Reuters) - Britain's Financial Conduct Authority (FCA) said it had fined Stonebridge International Insurance 8.3 million pounds ($14 million) in relation to sales of accident insurance products.

Between April 2011 and December 2012, Stonebridge targeted low and middle income customers without college degrees or professional qualifications, with its personal accident, accidental death and accidental cash plan insurance products, the FCA said in a statement on Thursday.

"Outsourcing companies sold policies over the telephone, with those responsible for sales, encouraging people to buy more expensive products, whilst companies responsible for post-sale support actively discouraged customers from cancelling their policies," the watchdog added.

(1 US dollar = 0.5938 British pound) (Reporting by Huw Jones; Editing by Mark Potter)

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