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Business News

Sun Life of Canada hit

Sun Life of Canada has been fined £600,000 for not properly looking after one of its with-profit business funds, which had 114,000 policyholders and £1.2bn of assets.

Sun Life hedged the fund using derivatives in 2008 and 2009 without, in the view of the Financial Services Authority, taking independent advice as to whether that was the right thing to do.

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