Control failures at Royal London may cost £15 million


LONDON -- Royal London, the UK mutual insurer, is expected to pay £15 million ($21 million) in compensation to some 65,000 customers after being fined £400,000 for breaches of rules relating to the sale of investment products.

The Personal Investment Authority (PIA), the personal investment watchdog of the UK's principal financial regulator, the Financial Services Authority, said in July that Royal London's shortcomings included failure to control its internal affairs properly.

The failures

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