CARPHONE COVER CON

Doorstep lender Provident Financial revealed it swung back into the black last year as it bids to fend off a takeover. The firm made £90.7million, compared with a £147.9m loss a year earlier. The Provvy also restored its dividend after cancelling its shareholder payout in 2017. The Bradford-based firm is fighting a £1.3bn hostile bid by rival Non-standard Finance, a move backed by three of Provident’s biggest shareholders. Electricals giant Dixons Carphone has been fined £29million for mis-selling mobile phone insurance.

City watchdog the Financial Conduct Authority investigated sales of Geek Squad policies through the Carphone Warehouse chain from December 2008 to June 2015. During that time nearly £445m worth of policies were sold.

The FCA said staff were “trained to recommend Geek Squad to customers who already had cover, through their home insurance or bank accounts.”

They were told to overcome customer objections rather than finding out if the insurance was right for the person. A large number of customers went on to cancel policies in the first 14 days.

The FCA’S Mark Steward said: “The high level of cancellations should have been a clear indicator to the management of mis-selling.”

Dixons Carphone said yesterday it believes 28,000 customers could be due compensation and has set aside £2.8m. Alex Baldock, the firm’s chief executive, said:

“We’re a very different business today.”

Anyone who thinks they were mis-sold a policy should contact the firm directly on 0800 049 6190, or write to Geek Squad, PO Box 358, Southampton,

SO30 2PJ, or online viageeksquad. co.uk/contact/ complaints.

The founder of fashion giant Zara is set to bank more than £1billion. Spanish tycoon Amancio Ortega, below, already worth £50bn, will be quids in after Zara’s parent company Inditex, of which he owns nearly 60%, hiked its dividend 17% for last year. Mike Ashley’s Sports Direct has accused Debenhams of “deliberately misleading” investors after it issued a recent profit warning - two months after reassuring shareholders.