FSA fines Shawlands £140,000

Shawlands Financial Services, formerly Frizzell Life & Financial Planning, was fined £140,000 this week by the FSA for record keeping and associated compliance breaches. These related to "back to back" policies, involving the use of annuities to fund savings plans, which were arranged between June 1992 and October 1997. Shawlands became a wholly owned subsidiary of Liverpool Victoria Friendly Society (LVFS) on 5 June 1996. Shawlands' misdemeanours, however, occurred when the firm was under previous owners and management. The FSA noted LVFS has worked in an open and co-o...