FCA Fines Prudential £24M Over Annuities Sales

Law360, London (September 30, 2019, 11:06 AM BST) -- British insurer Prudential has been fined approximately £23.9 million ($29.4 million) by the Financial Conduct Authority for failures over the sale of annuities, a complex type of retirement investment, the country’s financial watchdog said Monday.

Prudential did not tell customers they could potentially get a better deal if they shopped around and breached its obligation to treat them fairly, the City regulator said. (AP) The Prudential Assurance Company Ltd. failed to tell existing customers they could potentially get a better deal if they shopped around, the FCA said. The insurer encouraged its sales staff to push consumers into buying so-called non-advised annuities,...

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