AIG unit fined $1.3 million by U.K. regulator
By Daniel at 21 May, 2008, 8:07 am
LONDON (MarketWatch) — The U.K.’s Financial Services Authority said Wednesday
that it’s fined Unat Direct, a subsidiary fo American International Group Inc.
640,000 pounds ($1.26 million) for failings related to effective control and
oversight of its appointment of call centers. The regulator said Unat did not
carry out an acceptable level of due diligence on nine call centers it used
before they began selling insurance products. In one case that meant a call
center was operating for 250 days before Unat completed its due diligence and in
another it resulted in a call center selling insurance when it wasn’t authorized
to do so by the regulator. The FSA said the fine would have been 800,000 pounds
if the company hadn’t cooperated and settled the investigation.
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