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.

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