Prudential fined £650,000 for pensions review failures

Prudential has been fined £650,000 by the Personal Investment Authority (PIA), the largest ever fine ever handed out by the PIA, for effectively dragging its feet in making pension misselling redress payments to policyholders or their beneficiaries, and for serious errors it has made in its record keeping relating to the Phase Two of the pensions review. Prudential has "co-operated fully with PIA during the course of its investigation and has applied significant effort to progressing its pensions review", according to the PIA. However, this is the largest fine to be handed out so far ...