FSA fines Aegon UK £2.8 million for multiple control failings

FSA fines Aegon UK £2.8 million for multiple control failings

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UK regulator the Financial Services Authority (FSA) has announced it has fined the UK arm of Dutch insurance firm Aegon £2.8 million for controls failings.

The insurance firm, which previously operated as Scottish Equitable until a recent rebrand, will also pay £60 million in redress to customers.

The FSA says Aegon informed the regulator in 2009 it had discovered numerous failings in policies and procedures, including the failure to issue 238,000 policyholder documents.

The insurer also

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