The Financial Conduct Authority (FCA) has embarked on a focused product review into child trust funds, according to its insurance regulatory priority report.
The report, published on Tuesday (24 February), is the first in a series of sector reports setting out focus areas this year, replacing its portfolio letters. In the report, the FCA stated that following the onset of Consumer Duty in July 2024, the regulator is expected to "consider how [life insurance] firms are ensuring good outcomes for consumers with closed book products". The regulator has started work on child trust funds as part of a focused product review, with "further" products also set to face scrutiny, the report stated. On child trust funds, the financial services watc...
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