The fine against Britannia, the fourth-largest ever levied in connection with the pension transfer scandal, follows a visit by a PIA monitoring team. It found the insurer initially failed to spot 677 clients to whom mailings about the pension review should have been sent. A further 554 investors, who were on separate records kept by the building society, were not identified.
In addition, 664 investors who asked for a review of their pensions were wrongly categorised as ineligible. Meanwhile, Britannia's compliance team only started its first internal audit of the review process in February 1998, four years after it started.Reuse content