FSA fines Royal Liver Assurance for with-profits mis-selling

The Financial Services Authority has fined Royal Liver Assurance (RLA) £550,000 for mis-selling with...

The Financial Services Authority has fined Royal Liver Assurance (RLA) £550,000 for mis-selling with-profits savings policies. This penalty is with reference to policies sold between 1 July 1999 and 15 September 2003 to a number of its older customers as general savings vehicles. Overall, the regulator said Royal Liver’s failings resulted in the sale of the policies to customers who had no demonstrable need for life cover or where the cover included in the policy was not suited to these individuals’ requirements. Some customers with a general savings need were recommended products with a ...