“Standard Life Assurance Limited has just been fined £30,792,500 by city watchdog the Financial Conduct Authority.
What did they do to deserve it? Sold people the wrong pensions that would have seen them miss out on money every single year for the rest of their lives.
Worse, it was the people with health problems that were mis-sold.
Announcing the fine, the FCA’s Mark Steward said staffs were offered incentives to sell policies over the phone without checking they were suitable “which led to unfair outcomes for some customers”.
Significant numbers of staff received bonuses that doubled their salary for making these sales, which saw thousands of customers miss out on an average of more than £1,500 each as a result. …”