Britannia life has been fined £500,000 by the PIA over the pensions misselling review.
The Glasgow based life office received the fine and reprimand from the regulator. It was also ordered to pay £15,000 in PIA costs.
The disciplinary action follows a visit by the PIA Pensions Monitoring Department in September 1998 which identified a number of failings.
The Regulator found Britannia had to failed to sufficient monitor the review procedure and to identify the number of clients within the review.