Scot Eq fined £2.8m and agrees to pay £60m client redress
Scottish Equitable has been fined £2.8m by the Financial Services Authority for a series of administrative failings including underestimating the value of customers' future pension benefits to the tune of almost £7m.
The life and pensions company, which was re-branded Aegon after its parent company last year, has begun a customer redress exercise following the breaches between 2002 and 2010. It estimates the cost...
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