Operational Failures Could Cost Two UK Insurers £31m In Payouts
LONDON -- Two associated UK insurance firms are likely to pay a total of about £31 million ($45 million) in compensation to more than 30,000 of their investors after failing to control compliance systems and staff properly.
United Friendly Insurance and Refuge Assurance, which formed a joint marketing operation in 1997, were also each fined £350,000 in January by the Personal Investment Authority (PIA), Britain's watchdog body for small investors.
The PIA said the firms failed both to maintain
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