September 30, 2019 / 10:01 AM / 19 days ago

Markets watchdog fines Prudential 24 mln stg over annuity sales

LONDON, Sept 30 (Reuters) - Britain’s markets watchdog has fined insurer Prudential 24 million pounds ($29.39 million) for failures related to non-advised sales of annuities, it said on Monday.

The FCA said Prudential failed to make sure customers were consistently advised that by shopping around they could get a higher rate on their annuities, which pay pensioners a fixed income for life.

The fine relates to the period between July 2008 and September 2017, the FCA said, adding that as of Sept. 19, 2019, Prudential has offered around 110 million pounds in redress to 17,240 customers.

$1 = 0.8122 pounds Reporting by Carolyn Cohn; editing by Simon Jessop

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