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Shawlands fined £140k for compliance failures

Shawlands Financial Services has been fined £140,000 by the FSA.

The IFA firm, formerly Frizzell Life & Financial Planning, was disciplined for poor record-keeping and associated compliance breaches.

This is the first such action the regulator has taken under its new powers adopted at N2 last November. The IFA, which ceased trading in January, will compensate 12,000 customers.

The fine relates to compliance breaches surrounding back-to-back policies involving the use of annuities to fund savings plans arranged between June 1992 and October 1997.

Investigations found that the Liverpool Victoria Friendly Society-owned IFA had failed to keep sufficient records of client information or recommendations, gave inadequate reason why letters and failed to monitor procedures to ensure compliance.

There will also be a review of back-to-back arrangements in circumstances where the policyholder ends the arrangement before maturity or complains or questions the appropriateness of the product sold.

Shawlands was acquired by Liverpool Vic in June 1996. The friendly society also continues to run an IFA arm under the Frizzell brand.

Liverpool Victoria head of external affairs Nigel Snell: “The firm was only under our ownership for a small proportion of the time the breaches were committed. We do not believe it is in anyone&#39s interest to reveal the amount of compensation that will be paid.”


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