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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.”


FSA considering derivatives for retail market

The FSA is proposing to allow retail investors to invest directly in securitised derivatives for the first time. IFAs selling the products would have to be authorised to advise on derivatives and any provider that wants to issue them will similarly have to be regulated. Derivatives let investors have exposure to a range of underlying […]


Habib Akudi

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 […]

Equitable seeks explanations from former directors

Equitable Life has written to 20 former directors asking them to justify their behaviour in the past running of the society following legal advice by lawyers Herbert Smith.The letter was sent in a bid by the troubled life office to recover losses it suffered following a House of Lords ruling that it could not apply […]

Over-regulation seen as main threat to IFAs

Over-regulation, lower commission, multi-ties and polarisation are seen as the main threats to IFAs, according to new research by IFA Promotion.Twenty-four per cent of IFAs said too much regulation was the biggest threat to them, 19 per cent said falling commission levels, 12 per cent listed multi-ties and 11 per cent said polarisation.Compliance and the […]


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