FCA ends long-standing customer investigation of Scottish Widows

Case still open on four insurers

Julian Marr
clock • 2 min read

The FCA has officially closed its investigation into Scottish Widows - one of six insurers the regulator initially referred to its enforcement division in 2016 after it found problems with the way they treated their closed-book life insurance clients.

Announcing its decision this morning, the Financial Conduct Authority (FCA) said there was "insufficient basis" for taking any enforcement action against Scottish Widows although it added it would be raising "a number of issues uncovered as part of the investigation with the firm in its supervisory engagement". Last September, the regulator closed its investigation into Police Mutual on the same issue but it confirmed today investigations into Abbey Life, Countrywide Assured, Old Mutual and Prudential were continuing. "No decisions regarding these firms have been reached by the FCA at...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

How considering vegetable peelers can inform your product design

How considering vegetable peelers can inform your product design

FCA released two reports to mark the third birthday of Consumer Duty

Alison Gay
clock 31 July 2026 • 4 min read
Andy Wealthall: Is there still a place for annual suitability reviews?

Andy Wealthall: Is there still a place for annual suitability reviews?

'We shouldn't solve one problem by creating another'

Andy Wealthall
clock 30 July 2026 • 4 min read
Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

'September is a starting point, not the finish line'

Gemma McCall
clock 29 July 2026 • 5 min read