July 23, 2019 / 9:28 AM / 2 months ago

UK's financial watchdog fines Standard Life Assurance 30.8 mln stg

July 23 (Reuters) - Britain’s financial watchdog said on Tuesday it has fined Standard Life Assurance Ltd (SLAL) 30.8 million pounds ($38.28 million) for failures related to annuities sold without financial advice.

An annuity is a retirement income product that can be bought with some, or all of a customer’s pension pot. It pays a regular income either for life or for a set period.

$1 = 0.8046 pounds Reporting by Noor Zainab Hussain in Bengaluru; editing by Simon Jessop

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