Royal Liver Assurance fined £550,000 for mis-selling

The company sold the policies as general savings vehicles to a significant number of its older customers between 1 July 1999 and 15 September 2003. The FSA says the firm’s failings resulted in the sale of the policies to customer who had no demonstrable need for life cover or where the life cover included in the policy was not suited to their needs. As a result, customers with a general savings need were recommended a product where there was a risk the policy could pay back less than the total value of what was paid in premiums. Royal Liver Assurance has accepted that a significant pr...