The Financial Services Authority has fined The Ancient Order of Foresters Friendly Society Limited £55,000 for financial promotions failings in the first enforcement action of its kind.
This is the first time the FSA has fined a friendly society for financial promotions failings. The FSA imposed the fine because Foresters failed to promote financial products to consumers in a way that was clear, fair and not misleading. It neglected to ensure the promotion of two of its products - 'Autumn Gold' and the 'Teddytrust' child trust fund - contained a fair and adequate description of the risks and drawbacks, and it described its Autumn Gold whole of life insurance policy as a funeral plan when it was not a funeral plan. The FSA says the seriousness of Foresters' failing...
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