UK insurer fined record £1.35 million for control failures
LONDON -- UK regulators fined the embattled Royal & Sun Alliance (RSA) insurance group a record £1.35 million ($2.1 million) in August for failing to spot 13,500 people wrongly sold pension policies because of systemic weaknesses in internal controls.
Had the weaknesses not been discovered by the regulators’ own investigation, RSA might have failed to pay more than £32 million owed to investors as compensation. The regulators accepted that RSA did not deliberately set out to avoid paying redress
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