StockMarketWire.com - Dixons Carphone said Wednesday the UK financial regulator had imposed a fine of £29.1 on the company after an investigation concluded that mobile phone insurance selling processes at The Carphone Warehouse in the past had fallen short of expected standards.

There would be no impact from today's announcement to the group's guidance given at its trading update on 22 January, as the group 'took certain provisions as a charge to non-headline profits at its interims on 12 December 2018,' the company said.

The FCA investigated insurance selling processes at The Carphone Warehouse Ltd that took place between December 2008 and June 2015 and had identified key areas where, in that period, the company did not meet expected standards.

Carphone Warehouse had made 'significant' improvements to its approach to regulatory matters since 2015, the company said.

'We're obviously disappointed that Carphone Warehouse fell short in the past. But we're a very different business today; as the FCA acknowledges, we've made significant improvements since 2015. We're committed to stay on that trajectory, and to make sure all customers enjoy the right technology products and services for them,' said Alex Baldock, Group Chief Executive.




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