Royal Liver Fined by FSA
FSA fines insurer over mis-sold investment policies
11th April 2006
Insurance company Royal Liver has been fined £550,000 by the Financial Services Authority over the mis-selling of more than 2000 with-profits investment policies between 1st July 1999 and 15th September 2003.
The city watchdog and regulator said that as a significant number of Royal Liver's customers were nearing retirement age, they didn't need the cover that was sold to them, which represented a 'serious case of mis-selling.
The decision was accepted by Royal Liver, and the fine comes on top of the £2.24m they have already paid out to refund premiums to the policyholders affected.
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