The settlement is of a row over Lloyds' decision to withdraw assets being managed by Standard Life Aberdeen.Read more
The Financial Conduct Authority has fined Standard Life Assurance Ltd £30.8m for pushing its annuities on clients.
Standard Life Assurance Ltd (SLAL) was bought by Phoenix Group last year but uses the Standard Life name under licence.
The company "offered its front-line staff large financial incentives to sell annuities, which encouraged them to place their own financial interests ahead of their customers. This gave rise to a significant risk that SLAL’s call handlers would fail to provide customers with the information they needed to choose an annuity appropriate to their circumstances," said the regulator.
"The firm failed to provide some customers with appropriate information about enhanced annuities, including the option to shop around for a better deal," said Mark Steward, Executive Director of Enforcement and Market Oversight.
The company co-operated, meaning it got a discount. Otherwise it would have been fined £44m.
An interesting factoid from Standard Life Aberdeen, the product of two very large money managers merged together in 2017.
The firm now oversees £569bn - more than half a trillion pounds. The firm will be issuing its half year results 2019 on 7 August.