The Financial Services Authority has fined Royal London £400,000 and ordered the life group to pay £...
The Financial Services Authority has fined Royal London £400,000 and ordered the life group to pay £15m in compensation after noting a series of breaches in the firm's selling of investment products. The Personal Investment Authority found the life group was unable to maintain a system of compliance control as well as failing to monitor the operations of its sales staff. PIA investigations found that, in relation to selling practices, Royal London had failed to consider the needs of the customer and how the investment product met those needs. It also failed to record why a product was...
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