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...
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