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The FCA on 23 July 2019 published a Final Notice imposing a penalty of £30.7 million on Standard Life for mis-selling annuities to customers, after a 30% early settlement discount.  The penalty was imposed for breaches of P3/P6, in relation to the non-advised sale of annuities to existing customers approaching retirement, who may have been eligible for an enhanced annuity.  The decision is the first published outcome of the FCA’s recent activity in the annuities market (evident from thematic reviews and other announcements), and is significant in setting out the standards required by the regulator.

Javan Herberg QC advised Standard Life in relation to the regulatory process. The Final Notice is here.