Liberata fined over policyholder slip-ups

News

The increasingly competitive world of policyholder administration has come under the spotlight with the imposition of a £525,000 fine by the UK's Financial Services Authority (FSA) against third-party administrator (TPA) Liberata Financial Services. TPAs came under the scope of FSA supervision following the UK's implementation of the EU insurance mediation directive in January 2005.

Liberata, which numbers clients such as Axa Sun Life and Resolution and serves 1.3 million policyholders, was fined