Prudential investigating Wells Fargo partnership after scandal

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Prudential investigating Wells Fargo partnership after scandal

Prudential investigating Wells Fargo partnership after scandal

Reuters-

U.S. insurer Prudential Financial (PRU.N) is investigating whether Wells Fargo (WFC.N) employees signed up customers for its life insurance policies without their knowledge, a spokesman said on Saturday.

Sales practices at Wells Fargo have been under a spotlight since September when federal regulators ordered the San Francisco-based bank to pay $190 million in fines and restitution because they said its high pressure sales environment pushed employees to open as many as 2 million deposit and credit card accounts without customers’ permission.

Prudential has a partnership with Wells Fargo to sell a low-cost life insurance policy, known as MyTerm, to the bank’s retail customers.

[REUTERS]

Image: Wells Fargo Gary Cameron Reuters

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