FCA fines Prudential £23.9m for non-advised annuity sale failures

Between July 2008 and September 2017, Prudential's non-advised annuity business focused on selling annuities directly to existing Prudential pension holders. Over the almost-ten-year period, the provider failed to inform customers they could have received a better rate - and therefore higher retirement income - by shopping around on the open market, something the FCA requires them to do as set out in its principles for business. The firm also failed to ensure appropriate documentation was used by call handlers communicating the options to customers, and knowingly failed to take reason...