Prudential to pay £250m in annuity redress and £24m in fines

By Neasa MacErlean

ThePrudential is paying out nearly £24 million in fines as well as an estimated £250 million in redress to thousands of non-advised annuity customers whom it dealt with on the phone. The insurer was aware, says the Financial Conduct Authority, that its annuity rate for existing customers was “regularly 10 per cent lower” than the best competing rates elsewhere.