News Article Published:
Thursday, 21 January 2010
Category:
Insurance
Financial Services
Insurer Standard Life has been fined £2.45 million by the City regulator after they inappropriately targeted a £2.2 billion pension fund and used misleading financial marketing material.
The Financial Services Authority (FSA) found that Standard Life had published misleading marketing material inaccurately stating that a fund was 100 per cent invested in cash. The financial marketing material concerned a £2.2 billion pension fund targeted at investors who were close to retirement and looking for a safe haven for their capital. The FSA stated that it had found “serious systems and controls failings” in Standard Life's descriptions of its Pension Sterling Fund.
Standard Life has written to everyone affected, and it is understood that only a small number of complaints have been received so far.
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