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Biggest fine as PIA finally tackles Pru

The pension review has caught up with Prudential, with the PIA imposing its biggest review fine yet of £650,000 on the company for review failings.

Pru notoriously escaped a fine for pension misselling by remaining directly regulated by SIB until April 1998. SIB did not have powers to levy fines.

Pru has reviewed 153,000 cases and still has 152,000 cases to examine. It has set aside £1.5bn to meet the costs.

Compensation payments were delayed, complaints were left unanswered and gaping holes in records were discovered by the PIA&#39s inspection.

Pru says it accepts the findings and is confident it will meet the deadline for completing phase two by June 2002.

Torquil Clark pensions development manager Tom McPhail says: “There will be a sense in the industry that Pru had this coming. It was fined because it failed to measure up to standards set for it.”

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