FSA fines Standard Life £2.45m for systems and controls failures

Standard Life has been fined £2.45 million by the Financial Services Authority (FSA) for systems and controls failings that caused 98,000 retail investors to be misled about a fund that lost more than £100 million in value last year.
   
The UK regulator says Edinburgh-based Standard Life Assurance, a Standard Life subsidiary, produced misleading marketing material that misled consumers about underlying investment risks within its Pension Sterling Fund.

The FSA says the fund lacked proper system

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