Aegon aims to complete bulk of £60m redress by end 2011

Scottish Equitable - rebranded as Aegon last year - was today fined a total of £2.8m for a series of administrative failings which have, in thousands of cases, led to customer detriment. The life and pensions company identified some 300 issues in total - five of which were deemed 'serious' by the FSA - and has agreed to pay redress or compensation to customers to the tune of about £60m. Three of the five 'serious' issues, including incorrectly calculating guaranteed minimum pension payments and future benefits of almost 800 customers, led to customer detriment of about £19m. Aegon ...