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GL&P fined £1.4m by PIA over complaints neglect

GL&P, formerly Gan Life and Pensions, has been fined £1.4m as a result of its failure to deal fairly and responsibly with customer complaints, one of the biggest fines the PIA has ever issued.

The failings relate to the 10-year period between April 1988 and March 1998, prior to its acquisition by Life Assurance Holding Corporation in March 1998.

LAHC has now reviewed 46,000 policies and compensation totalling £35.4m has been paid to nearly 34,000 GL&P customers, and is reviewing a further 21,000 cases, with up to £10m set aside for redress.

FSA head of regulatory enforcement Peter Bibby says: “This case emphasises the importance of dealing with customers complaints in a fair and responsible fashion. The rules relating to complaints handling are an important element of investor protection and this case shows that we will take seriously failures in complaints handling.”

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Lives: Dewsbury, West Yorkshire.Born: 1972, Dewsbury.Education: Degree in economics, University of Greenwich.Career: 1994 – clinical auditor, Leeds NHS, 1995 – telesales, 1997- travelled extensively before joining Parsoli.Career ambition: To become the leading provider of Islamic financial services.Personal ambition: To take the company to being fully international.Likes: Playing football, Manchester United.Dislikes: Bad manners.Peers say: “Keeps cool-headed […]

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