FSA has fined Standard Life Assurance Company £2.45 million following its production of misleading marketing material about a retail fund. It found the firm also failed to carry out a prompt and full investigation when it discovered problems. FSA said the firm put retail investors at risk of unexpected capital losses because marketing materials did not properly explain the fund’s investment strategies and there were no systems and controls in place to ensure marketing materials were not misleading. The firm injected capital into the fund and has assessed whether any individual investors might be due compensation. FSA criticised both the misleading material and the lack of systems and controls to ensure materials were accurate and to check the materials properly described the fund’s investments. Margaret Cole said FSA would take strong action to address compliance failings that mean promotions do not meet the “clear, fair and not misleading” test.