Home repair insurance business Homeserve was today fined more than £30 million following a mis-selling scandal that exposed "serious, systemic and long-running failings".
The Financial Conduct Authority (FCA) said between 2005 and 2011 the company had a profit-driven culture where targets were met by taking advantage of existing customers.
In addition to the record fine, Homeserve has paid £12.9 million to affected customers in redress and is expected to pay £16.8 million in total.
FCA director Tracey McDermott said: " Homeserve is another example of a firm that has acted without proper regard for its customers over a long period of time.
"Homeserve promises to provide customers with peace of mind when things go wrong. In fact the firm's culture, controls and remuneration structures meant that staff were focused on quantity not quality and there were customers that paid the price for that."
Homeserve said today it had overhauled its management team and systems since the matters came to light two years ago.