Article Preview: You might have spotted in the headlines this week, news that Standard Life Assurance Limited received a significant regulatory fine. Insurer Phoenix Group owns Standard Life Assurance Limited (referred to in this blog as Standard Life), after parent company, Standard Life Aberdeen sold the business last summer. Standard Life was fined £30.7m by the Financial Conduct Authority (FCA) after failing to act in the best interests of its customers. This fine relates explicitly to the sale of non-advised annuities; a financial instrument used to convert the capital value of a pension pot into a secure income for life in retirement.
Why was Standard Life landed with this massive fine?
This 603 word blog highlights the reasons behind the fine and the how Standard Life failed to put in place adequate measures to control the quality of calls between call handlers and non-advised customers. Written on 24th July 2019.
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