THE RETAIL BULLETIN - The home of retail news
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Health & Beauty
General Merchandise
Sports & Leisure
Retail Solutions
Food & Drink

Express Gifts enters into £12.5 million redress scheme

Findel owned Express Gifts has entered into an agreement with the Financial Conduct Authority to provide £12.5 million redress to approximately 330,000 customers who were sold insurance in the past.


Express Gifts enters into £12.5 million redress scheme

The home shopping business sold the insurance products to protect against accidental damage and theft for all products purchased from their Ace or Studio brands.

The insurance was called “Property Insurance” from January 2005 to August 2008 and “Purchase Protection Insurance” from September 2008 to May 2015, with premiums calculated as a percentage of the customer account balance. This type of cover is no longer offered by the firm.

After conducting its own quality assurance activity, Express Gifts agreed with the FCA that the insurance cover it had sold did not provide adequate value to customers because although it covered all items purchased, these were predominantly items of clothing, which customers would not generally consider insuring.

Jonathan Davidson, director of supervision for retail and authorisations at the FCA, said: “It is good news for consumers that Express Gifts has reached agreement with us that this insurance was of low value to customers. It is important that firms offer value for money.

“We expect firms to identify where insurance products of little or no value have been sold to customers and take appropriate action. There is a responsibility on firms, whether they are responsible for the design or the distribution of these products, to ensure the products offer value for their customers.”

In a separate statement, Findel said provision had already been made to cover the redress, as set out in its interim results on 30 November.

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe for retail news


Retail Customer Engagement Summit
Retail Customer Engagement Summit
5 June 2018
Cavendish Conference Centre, London W1
The 9th Annual Retail Customer Engagement Summit
Dentons Future of Retail Law Conference 2018
Dentons Future of Retail Law Conference 2018
14th June 2018
The Altitude SW1P 4RS
Dentons Future of Retail Law Conference 2018
Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
Payment Roundtable 2018
Payment Roundtable 2018
18 April 2018
Hallam Conference Centre W1W 6JJ
Are you confident that your payment strategy is competitive and is future proof?
GDPR for Marketing Roundtable
GDPR for Marketing Roundtable
25th May 2018
Cavendish Conference Centre, London WG1 9DT
Leading retail marketeers will discuss best practice now GDPR is law.This is your chance to join the discussion.