FSA's £735,000 fine for insurer

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The Financial Services Authority said the company "did not properly consider the alternatives or the detrimental effect on customers", focusing solely on its own financial interests. Hastings, which the City expects will soon be sold by Australian owner IAG, gave incorrect quotations to 4,500 customers before ditching the policies. Premiums were underestimated by hundreds of pounds due to what the FSA called "data errors".

"It is clear from our investigation that Hastings put its own interests ahead of those of its customers," said Margaret Coles, FSA director of enforcement. Hastings narrowly avoided paying £1 million by agreeing to settle the case early.