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Royal & SunAlliance fined £225,000 over pension review

The Personal Investment Authority has fined Royal & Sun Alliance £225,000 for failures relating to past pension transfer and opt-out business.


The life office was visited by a PIA enforcement team in September 1997. This identified delays mainly arising before the end of 1996 in information gathering, loss calculations and in discovering where responsibility for misselling lay.


The life office must also pay investigation costs of £40,000.

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