UK - The Financial Services Authority has fined Lincoln Assurance £485,000 for mis-selling savings plans by its appointed representative, City Financial Partners.
Lincoln has taken full responsibility for City Financial Partners’ failings – noting its regret that some of its customers were disadvantaged.
The assurer has set aside £8.8m for compensation for the 5000 customers who requested a review and will settle with all the respondents by the end of this month.
Partner Insight: In recent years, pensions administrators have seen scheme member engagement increase significantly. The advent of pension freedoms in 2015 and the increased choices faced by members have led to a sea-change in the levels and types of...
The Pension Protection Fund (PPF) and The Pensions Regulator (TPR) are probing the sale of Johnston Press as concerns are raised over the impact on the publishing house's pension fund.
The Co-operative Group's pension scheme, Pace, will invest up to £50m into the social and affordable housing market over the next 12 months.