Prudential fined £24m as FCA flexes its muscles again on culture
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In a case bearing striking similarities to June's fine for Standard Life, the FCA has once again levied a hefty fine on an annuity provider for mis-selling annuties, with total customer redress estimated at £250m.
The Pru appears to have blatantly disregarded basic FCA Rules on informing customers of the Open Market Option and clearly breached FCA Principles in the process.
Most of the 'relevant period' during which the breaches took place was before the Senior Insurance Managers Regime came into effect, which may be why there is no indication of action against individuals. If the same conduct were to take place now, the senior managers would perhaps be having very uncomfortable conversations with the enforcement team....
