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Royal London ordered to pay £15m and fined £400,000

Royal London has been fined £400,000 by the PIA and ordered to pay £15m compensation to 65,000 customers for breaches relating to the sale of investment products.

As a result of the disciplinary action, Royal London is conducting a review of the past sales of its full product range including endowments, whole of life policies and savings plans and will provide further compensation where customers have been disadvantaged.

The specific failings Royal London is guilty of include not taking into account customers&#39 investment objectives to make sure the product is suitable for them and not providing reason why letters to customers.

In addition, the life office failed to maintain an adequate system of compliance control and did not monitor the conduct of its sales staff or ensure its staff were sufficiently trained and competent to give investment advice.

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