Lincoln spared larger FSA fine by pro-active stance

Lincoln Assurance has been hit with a £485,000 fine for mis-selling 10-year endowment savings plans through its appointed reps firm City Financial Partners. The life office has been spared a larger blow, however, because it acted at the first sign of a problem and without prompting, says the FSA. Known at the time as Lincoln Financial, mis-selling occurred at the US-owned life office between 1 September 1998 and 31 August 2000 but action was taken immediately by the firm after Which? Magazine published an article criticizing the firm and the PIA paid a visit. After conducting...