Insurance group Homeserve has been fined more than £30 million for miss-selling insurance policies and failing to settle customer complaints.

The Financial Conduct Authority said the business embarked on a steep growth curve between 2005 and 2011, putting profits before the needs of customers.

To date, Homeserve has paid approximately £12.9 million to affected customers in redress and is expected to pay a total of £16.8 million.

It is thought that thousands of home-based businesses were affected by the company’s failings.

"Firms must put the interests of customers at the heart of their business if we are to restore trust and confidence in financial services,” Tracey McDermott, the FCA's director of enforcement and financial crime.

“True change in the culture within the financial services industry will only be achieved when firms and their management accept and deliver on their responsibility to ensure that customers are treated fairly."