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Aegon insurance arm looks set for FCA fine

Aegon subsidiary Stonebridge International Insurance is likely be fined by the FCA, Money Marketing understands.

The general insurance firm has been subject to a skilled persons report, or section 166 report, which the FCA orders to check for weaknesses or failings in a firm. The fine is thought to relate to misselling insurance products.

FCA complaints data shows that between 1 January 2013 and 30 June 2013 the regulator opened 735 new complaints against the firm, as well as closing a further 853 cases, 45 per cent of which were upheld. 

On its website, Stonebridge says that between 1 July 2013 and 31 December 2013, 650 complaints were reported to the FCA, with 694 cases closed.

A spokeswoman for Aegon UK says: “The FCA did complete a section 166 review into Stonebridge International Insurance Limited and the report was concluded early 2013.  The business has addressed the action points from the report.”

The spokeswoman adds that ahead of the s166 review, Stonebridge was overseen by TransAmerica Life and Pensions, a US insurer owned by Aegon. In Q1 oversight of Stonebridge changed to Aegon UK. 

Aegon said it could not comment further on the nature of the review or any prospective fine.

Stonebridge International Insurance declined to comment.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Incompetent Regulators 5th March 2014 at 12:44 pm

    Well, the FCA needs bonus money for the forthcoming year!

  2. Ian H0w00d1234 5th March 2014 at 5:06 pm

    abacus test comment 2

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