FCA fines Standard Life Assurance over annuity sales [MarketWatch]
ABRDN PLC UNSP ADR (SLFPY)
NASDAQ:AMEX Investor Relations:
standardlife.com/dotcom/investor-information/financial-results.page
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Source: MarketWatch
FCA fines Standard Life Assurance over annuity sales The U.K. Financial Conduct Authority fined Standard Life Assurance £30.7 million ($38 million) over so-called non-advised sales of annuities. The regulator said Standard Life offered its staff large financial incentives to sell annuities while not putting in adequate controls to monitor the quality of the calls. During the period of misconduct, nearly 22% of call handlers received more than 100% of their basic salary in bonus payments, the regulator said. The company as of May 31 had paid 25 million pounds to 15,302 customers and is still reviewing past business. Standard Life, which didn't dispute the findings, was part of Standard Life Aberdeen SLA, +2.12% and now a unit of Phoenix Group PHNX, +0.38%
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