FSA fines Sun Life Assurance Company of Canada (UK) £600k

Jenna Towler
clock

Sun Life Assurance Company of Canada (UK) Limited (SLOC UK) has been fined £600,000 by the Financial Services Authority (FSA) for failings in the governance of its with-profits business.

The watchdog said the design and operation of the life insurer's governance arrangements were "unclear and inadequate", resulting in a high risk that policyholders' interests would not be properly protected. The firm's governance failings came to light following two significant transactions executed in 2008 and 2009. The transactions affected one of SLOC UK's with-profits funds, holding about 114,000 policies and £1.2bn in assets. SLOC UK's with-profits committee failed to adequately review these transactions, while its board of directors did not approve the transactions, the FSA adde...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FOS reveals next phase of reforms

FOS reveals next phase of reforms

Including new powers to dismiss certain cases

Isabel Baxter
clock 11 August 2026 • 3 min read
Court sets trial date in illegal financial promotions case

Court sets trial date in illegal financial promotions case

Lucy Beck pleads not guilty

Sophia Panayi
clock 31 July 2026 • 1 min read
FCA flags weak customer outcome focus in firms' monitoring frameworks

FCA flags weak customer outcome focus in firms' monitoring frameworks

Consumer Duty review found inconsistent governance and oversight

Sophia Panayi
clock 27 July 2026 • 2 min read