Prudential has been fined £24m for failures related to non-advised sales of annuities.
The Financial Conduct Authority said between July 2008 and September 2017, Prudential flogged annuities directly to existing Prudential pension holders without telling them that they may get a better deal if they shopped around.
The watchdog also said the Pru “failed to take reasonable care to organise and control its affairs in breach of its obligation to ensure fair treatment of customers”.
Additionally, Prudential failed to ensure that documentation used by call handlers was appropriate and failed to monitor calls with customers properly, the regulator said.
Mark Steward, executive director of fnforcement and market oversight at the FCA was damning about the Prudential’s actions of annuities.
“These are very serious breaches that caused harm to those customers,” he said.
“Prudential is now rightly focused on redress and today’s financial penalty reinforces the cardinal obligation of fairness that firms owe to customers.”