The Financial Conduct Authority (FCA) has clarified the scope of its investigation into how customers in 'closed' life company products are being treated, indicating it will not review sales practices or necessarily act on exit fees.
Reports across the national media on Friday revealed the regulator will investigate about 30 million insurance company policies over concerns that customers are subject to "unfair" conditions. Details of the probe will be outlined in full in the FCA's next business plan, due early next week. But the FCA released a statement clarifying it would not be looking into the historical circumstances around when and how customers were sold the products, but how they are treated and kept informed today. "These accounts have been closed for many years in some cases, but there are still valid ...
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