The Financial Conduct Authority (FCA) is seeking to probe the selling of 30 million financial policies between the 1970s and 2000.
As part of the probe, FCA will publish a new Business Plan on 31 March that will include an assessment of how customers in the life-insurance market have been treated.
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The plan will also work on how people in closed accounts are being treated as well as on the fair treatment of long standing customers in life insurance.
FCA said that it has no plans to remove exit fees charged on policies those which were compliant with the law at the time they were written.
Additionally, the plan will not include a review of the sales practices for these legacy customers and will not apply current standards such as exit charges.
According to the FCA, the investigation into insurance policies will start in mid 2014.
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