Half a million fine for life and pensions administrator

Thu, 10 Apr 2008

The Financial Services Authority has fined Liberata Financial Services Limited £525,000 for system and control failures when issuing documents to life insurance and pensions policyholders.

The failing of the life and pension administrator lead to an ‘unacceptable’ level of risk to over 1.3 million insurance policyholders that they would not receive essential financial information, which could result in financial losses.

Some 30,000 policyholders failed to receive information, with some 171 suffering a financial loss. Liberata administers policies for insurance companies and banks including AXA, Barclays and Resolution.

The director of enforcement at the FSA, Margaret Cole, was reported as commenting: "The failings by Liberata were particularly serious because they put policyholders at risk of not receiving important information about their savings and pensions products. This resulted in customers not being treated fairly."
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