Emergency insurance firm Homeserve has said this morning that it's facing a £34.5m fine from the Financial Conduct Authority for "historic" failings when it came to its handling of complaints and its marketing.
The proposed fine is higher than the company anticipated.
From the statement:
This [the fine] is higher than the company's provision and HomeServe is therefore prudently increasing its provision by £30m.
The company is now in discussions with the regulator to finalise the agreement.
The FCA's probe into Homeserve's UK business led to the firm overhauling its sales strategies and expanding internationally, particularly in the US. This, in turn, has resulted in the firm having far fewer UK customers.