The total costs of redress for Scottish Equitable customers has cost Aegon UK £100m.

Figures in the firm’s third quarter results showed that £5m was spent on charges during the third quarter together with expenses of £7m.

It expects these charges to continue into the fourth quarter but is confident that all customers will be repaid by the end of the year.

The report said: “Aegon is progressing well with the implementation of its programme to identify and correct historical issues within its customer policy records.

“The program of determining the full scope of customer redress is expected to continue throughout the remainder of the year and may lead to additional charges. Aegon expects to have repaid the majority of the customer detriment by the end of 2011.”

Scottish Equitable’s life and pension business was fined £2.8m by the Financial Services Authority in December 2010 for significant consumer detriment and ordered to pay £60m in redress to customers.

The costs of the redress programme date back to May 2009.

Total operating expenses were £104m as cost savings were offset by £13m in costs for the restructuring programme.

The firm is currently undergoing a restructuring process which it hopes will reduce operating expenses by £80m by the end of 2011. So far it has already reduced expenses by £71m.