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Liverpool Vic fined record £900,000

The PIA is fining Liverpool Victoria Friendly Society £900,000 for widespread compliance failings.


The society has also been ordered to carry out a full review of certain classes of business and to provide compensation to its customers following visits which took place in late 1997.


The PIA says it failed to take account of investors&#39 membership of occupational pension schemes and failed to ensure that it recommended only contracts most suitable to investors.


It also failed to ensure investors received a written explanation as to why a recommendation was important.

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