Shawlands Financial Services, formerly Frizzell Life & Financial Planning, was fined £140,000 t...
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-operative way with the Personal Investment Authority ("PIA") and FSA.
Arrangements have been put in place for the refunding of part of the commission to back to back customers whose policies commenced between 29 April 1988 and October 1997. In addition, there will be a pro-active review of back to back arrangements in circumstances where the policyholder discontinues the arrangement before maturity, or complains or questions the appropriateness of the arrangement with a view to establishing the suitability of the recommendation given.
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