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Chair comments on Prudential fine

30 September 2019

The Financial Conduct Authority (FCA) has today fined Prudential £23,875,000 for failures relating to non-advised annuities sales. The company has offered approximately £110 million in redress to 17,240 customers

Commenting on the announcement, Catherine McKinnell MP, Interim Chair of the Treasury Committee, said:

“Prudential failed to inform its existing pension holders that they may be eligible for a better annuity rate if they shopped around. The company must now ensure that its customers receive the redress to which they are entitled as quickly as possible.

“This is yet another example of incentives in the financial services sector leading to a poor outcome for consumers. This toxic culture must be wiped out.

“Competition benefits consumers; Prudential's actions have undermined this.”

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