UK's financial watchdog fines Standard Life Assurance £30.8 million

Pedro Gonçalves
clock • 2 min read

Standard Life has been fined £30.8m by the Financial Conduct Authority (FCA) over failures in selling non-advised annuities. The UK's financial watchdog said that Standard Life, part of Phoenix Group Holdings Plc, offered employees "large financial incentives to sell annuities, which encouraged them to place their own financial interests ahead of their customers." The company failed to monitor the quality of calls between sales people and clients to correct abuses. During the period of misconduct, between July 2008 and May 2016, nearly 22% of call handlers received more than 100% of t...

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