You are here: Home - Uncategorized -

Royal Liver fined for mis-selling

0
Written by:
11/04/2006

The Financial Services Authority (FSA) has fined insurer Royal Liver £550,000 for mis-selling with-profits policies to customers who had no “demonstrable” need for them and which exposed them to excessive investment risk.

The fine was levied in respect of more than 2,000 with-profits policies from 1 July 1999 to 15 September 2003.

Margaret Cole, the FSA’s director of enforcement, said: “This was a serious case of mis-selling, particularly as a significant number of Royal Liver Assurance’s customers were nearing retirement age and did not need the cover they were sold.

“The failings were systematic and arose from weaknesses in the firm’s sales and compliance processes and persisted over a long period of time,” she added.

Related Posts

Tagged:

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Free broadband on the way?

Strong rumours are circulating the telecoms industry that Carphone Warehouse is to offer free broadband to users of its Talk...

Close