Norwich Union hit by record FSA fine


Holes in Norwich Union Life's operational risk procedures were highlighted as the York-based insurer was fined a record £1.26 million by the UK's Financial Services Authority (FSA) for security systems failures. The failings allowed gangs of fraudsters to exploit publicly available databases to impersonate customers, surrendering and receiving the proceeds from £3.3 million of life policies in 2006. Slammed by the FSA for not addressing the issue even after it was spotted by compliance officers

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