LONDON Feb 24 Insurer Prudential said
on Friday it had agreed with regulator the Financial Conduct
Authority to review how it sold annuities and would compensate
customers where appropriate.
The FCA said in October a "small number" of insurers had not
made it clear to customers that they might be eligible for an
enhanced annuity, which pays a larger fixed income to pensioners
in poor health.
Prudential UK & Europe will review annuities sold without
advice after July 1, 2008, the insurer said in a statement on
its website, to see whether they were given enough information
about enhanced annuities.
"Prudential will contact customers who may not have been
given sufficient information and will provide redress, where
appropriate," the insurer said.
Rival Standard Life said earlier on Friday it had set
aside 175 million pounds ($219.59 million) in provisions as a
result of the FCA review.
($1 = 0.7969 pounds)
(Reporting by Carolyn Cohn; editing by Simon Jessop)