UK - The Personal Investment Authority (PIA) has taken disciplinary action against life insurer Prudential. The firm has been fined £650,000 for failures in its pensions review procedures.
The offences relate specifically to delays in making payments of redress to supplement pension policy benefits of those who had retired and beneficiaries of those who had died, and to its record keeping.
The PIA said the Pru co-operated fully with it during the course of its investigation and has applied significant effort to progressing its pensions review.
The PIA is currently satisfied that Prudential is taking all steps to complete phase one of the pensions review without any avoidable delay and in particular to deal with the issues which are the subject of these disciplinary proceedings.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.