Trouble in Swinton

The Gist: Swinton Insurance is shutting 84 high street branches (out of 195) and slashing 900 jobs as part of a major restructuring program launched in response to ‘changing consumer behavior’. According to the UK-based insurance intermediary, 90% of its customers are now purchasing insurance over the phone or online . Recall: Swinton Insurance is fully owned by Covéa Group and has less than a glamorous track record. Back in 2013, the Financial Conduct Authority (FCA) fined the business £7.4M, and its three former executives almost £1M, for ‘aggressive selling’. The trio have also been banned from taking senior roles in finance. Also, spotting a satisfied customer on the company’s Facebook page is no easy task. Look.

Bottom Line: back in 2013 it was “a fantastic brand”. That was then.