FSA fines life and pensions administrator £525,000

Liberata's failings meant there was an unacceptable risk that any of the 1.3 million policyholders whose policies it administered would not receive important financial information to help with their investment decisions and, consequently, could suffer financial loss. The failings resulted in 30,000 policyholders not receiving information, of whom 161 suffered financial loss amounting to £17,584. Liberata administers policies for AXA, Barclays, Resolution, Chesnara and Save and Prosper among others. The FSA ruled the firm acted recklessly in failing to heed warnings in its management i...