One of the country's biggest mobile phone insurers will be fined next month after the regulator issued a damning verdict into standards across the industry.

The Financial Conduct Authority (FCA) said large numbers of the ten million Britons with mobile phone cover were routinely let down by the way the policies were designed, sold and the way their complaints were being handled. One firm was found to be turning down 41 per cent of all claims received for theft and the FCA said some insurers have refused to payout if a different SIM is in the phone at the time it's lost.

Others were not clear in telling customers they could still opt-out of buying cover. Despite the withering report, the FCA said it would not be pursuing any of nine unammed firms for mis-selling. But it added that one firm "in the market" would be handed a "significant" fine. Sources claimed it was not one of the networks - Vodafone, EE, O2 or Three. Vodafone insisted it was in the clear.....Read more here