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Report of a 600,000 British Pound fine
against Sun Life's British insurance units
for pension "mis-selling"

This information is partly derived from an April 22, 1998 article in the Globe and Mail.


.....It is reported that the Personal Investment Authority in the UK has fined the British insurance operations of Sun Life Assurance Co. 600,000 British Pounds in an escalating pension "mis-selling" scandal that could cost the British insurance industry as much as 11,000,000,000 British Pounds.

.....As well it is reported that the PIA reprimanded Sun Life of Canada Group and assessed it an additional 125,000 British Pounds for legal fees and other associated costs of the investigation.

.....Sun Life operates in the UK as Sun Life Assurance Co. of Canada (UK) Ltd. and Confederation Life Insurance Co. (UK) Ltd.

.....The PIA is reported to have fined between 10 and 20 other British insurance companies for similar "mis-selling" of pensions.

.....It is not known what effect this and other scandals will have on Sun Life's plans to become a publicly traded company, a process kown as demutualization.

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