Standard Life Assurance has been fined almost £31m by the UK regulator for mis-selling pension contracts to retail consumers. Salespeople were handed large bonuses for shifting products, but there was not adequate oversight at the insurer.

Standard Life Assurance, which is now part of Phoenix Life after Standard Life Aberdeen sold its UK insurance operation in August 2018, was slapped with the £30.7m penalty for its sales practices during 2008-16.