LONDON Aug 7 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)