Prudential plc

In September 2019, the UK Financial Conduct Authority fined The Prudential Assurance Company Limited £23,875,000 for failures connected with non-advised annuity sales. The FCA found that between July 2008 and September 2017 Prudential failed to consistently tell customers that they might obtain a better retirement income by shopping around on the open market. It also found shortcomings in call-handler documentation, monitoring and management controls. Before 2013, sales-linked incentives could add as much as 37% to call handlers' base salaries and included prizes such as spa breaks or weekend holidays, creating a risk that sales incentives would conflict with fair customer outcomes. Prudential did not dispute the FCA's findings. By September 2019 it had offered approximately £110 million in redress to 17,240 customers. Source: Financial Conduct Authority https://www.fca.org.uk/news/press-releases/fca-fines-prudential-failures-relating-non-advised-annuities-sales