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Britannia Life fined £500,000 over pensions review

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.


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