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R&SA fined £1.35m for pensions review failings

Royal & Sun Alliance has been fined £1.35m by the FSA for “systematic weaknesses” in its internal pensions review affecting 13,500 consumers.

The penalty is the second time the life office has been fined by the regulator for infractions relating to the pensions review, the first for £225,000 in 1997.

FSA investigation revealed 13,500 consumers which had not been previously identified by R&SA in its pensions review. Without this action, the regulator says consumers would have missed out on £32m in compensation.

FSA managing director Carol Sergeant says: “This is a significant penalty to reflect the serious nature of R&SA&#39s past failings in its handling of the review. R&SA failed in its identification of consumers who might have been due redress, it failed to complete review work on time and its management failed to monitor the process effectively.”

R&SA UK chief executive Duncan Boyle says: “Today&#39s fine relates to certain past issues which we very much regret. Once the process problems were uncovered in 2000 we took urgent action including allocating substantial additional resources to ensure the issues raised were resolved.&#39


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Berkeley Alexander has new approach to PMI

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Steady falls in prices over last four months

The rate of growth of asking prices in the housing market has fallen nationally in each of the last four months, according to a report from property solutions website Rightmove. Its first Real-time Property Report, published this week, shows that London has seen two consecutive months of decline in asking prices while the South-east saw […]

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Global benefits predictions for 2015 from Jelf International

According to Doug Rice, managing director of international services, in 2015, managing their international duty of care will become an increasing focus for UK-based overseas organisations in both managing their short- and longer-term challenges. As a result, strong independent advice and innovative technological solutions will become more important than ever in managing their global benefits.


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