Markets watchdog fines Prudential 24 million pounds over annuity sales

Reuters Finance 1 month ago

LONDON (Reuters) - Britain’s markets watchdog has fined insurer Prudential (PRU.L) 24 million pounds ($29.39 million) for failures related to non-advised sales of annuities, it said on Monday.

The FCA said Prudential failed to make sure customers were consistently advised that by shopping around they could get a higher rate on their annuities, which pay pensioners a fixed income for life.

The fine relates to the period between July 2008 and September 2017, the FCA said, adding that as of Sept. 19, 2019, Prudential has offered around 110 million pounds in redress to 17,240 customers.


Source link
Read also:
Reuters › Finance › 1 month ago
Prudential <PRU.L> and Rothesay Life will appeal a recent judgment blocking the transfer of 12 billion pounds ($15 billion) in annuities, the largest ever such deal, the firms said on Friday.
Daily Mail Online › Finance › 1 month ago
Retired civil engineer Colin Jones, 71, pictured with wife Eirwen, pestered his provider repeatedly and recruited his local MP in his two-year fight to win back his pension pot from annuity firm ReAssure.
Cleveland › 2 weeks ago
Annuities are among the most complex financial products out there and aren’t regulated nearly well enough. Here are some basics to know about them, what you should research, and tips on what you should look for in any annuity you're considering.
Reuters › Finance › 1 month ago
Britain's markets watchdog has proposed banning how some dealers and brokers receive commission on car sales in a step it said would save consumers 165 million pounds ($208 million) annually.
The New York Times › Finance › 1 month ago
Britain's Financial Conduct Authority said it had fined a unit of TP ICAP 15.4 million pounds in relation to an investigation over some trades in 2008-2011, after the watchdog found some former managers failed to act with "due skill, care and diligence...
Forbes › Finance › 1 month ago
Trefis has analyzed changes in different revenue streams for MetLife vs Prudential over the last 4 years in an interactive dashboard, along with our forecast for 2019. While MetLife generates more revenues, its international business has fared worse...
Business Insider › Finance › 2 months ago
Prudential Financial chief market strategist Quincy Krosby says investors should still be willing to take some risks even though stocks look expensive and trade war fears persist. Krosby told Business Insider the sectors she's still investing in...
Reuters › Finance › 1 month ago
Prudential <PRU.L> will spin off its UK and European insurance and asset management business M&G in October, Britain's largest insurer said in a prospectus published on Wednesday, dividing the insurance giant into two large-cap stocks.
CNBC › 1 month ago
Customers who vape will be classified as smokers instead of non-smokers when applying for individual insurance policies, Prudential said in an emailed statement Wednesday.
The New York Times › Finance › 0 month ago
Shares in UK and Europe-focused asset manager and insurer M&G fell slightly on its first day of trading after being demerged from Asia-focused Prudential, which soared to the top of Britain's top share index.
Sign In

Sign in to follow sources and tags you love, and get personalized stories.

Continue with Google
OR