FCA closes long-term 'fair treatment' investigation of life companies

Following 2016 thematic review

Tom Ellis
clock • 1 min read

The Financial Conduct Authority (FCA) has closed its investigation into the fair treatment of longstanding customers in the life insurance sector after concluding its probe "did not warrant enforcement action".

The regulator launched the investigation after a thematic review, published in March 2016, found further work was required to determine whether six life insurance firms - Abbey Life, Countrywide, Old Mutual, Police Mutual, Prudential and Scottish Widows - had failed to meet its standards.  The FCA investigated the firms' behaviour around disclosing exit and paid-up charges to customers after December 2008, when regulatory rules around treating customers fairly took effect. It sought to establish the reasons for the practices within firms, whether customers suffered detriment as a resu...

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

FCA's Rathi: Fair value is not 'Trojan horse' for price regulation

FCA's Rathi: Fair value is not 'Trojan horse' for price regulation

'Move away from prescriptive rules, beloved of compliance consultants’

Jenna Brown
clock 14 March 2024 • 4 min read
When it comes to FSCS levies, it's time to have our voices heard

When it comes to FSCS levies, it's time to have our voices heard

'This is no time to sit on the sidelines and wait for a good result'

John Netting
clock 12 March 2024 • 5 min read
FCA puts focus on WealthTek criminal investigation

FCA puts focus on WealthTek criminal investigation

Regulator secured 12-month pause on civil action

Jenna Brown
clock 04 March 2024 • 2 min read