Markets watchdog fines Prudential 24 million pounds over annuity sales

FILE PHOTO: The logo of British life insurer Prudential is seen on their building in London, Britain March 17, 2019. REUTERS/Simon Dawson - Copyright SIMON DAWSON(Reuters)

By Reuters

Published on 30/09/2019 - 13:04•Updated 26/04/2024 - 06:19

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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.

(Reporting by Carolyn Cohn; editing by Simon Jessop)

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