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September 12, 2017

FCA to continue investigating five life insurers over customer treatment

The UK Financial Conduct Authority (FCA) will continue an investigation into five life insurance providers, including Scottish Widows, Prudential, Countrywide Assured, Old Mutual and Abbey Life, over the fair treatment of longstanding customers.

The FCA said the investigation into Police Mutual has been closed with no further action.

In a statement, the UK’s financial watchdog said: “No inferences should be drawn from the closure of the Police Mutual case concerning the continuing investigations. The FCA will update the market when decisions are made regarding the status of the remaining investigations.”

Following a thematic review against 11 firms related to the fair treatment of long-standing customers in the life insurance sector, the regulator launched an investigation in March 2016.

During the thematic review, the FCA found that six firms had failed to inform their customers about exit or paid-up charges on certain policies.

One of the purposes of the FCA’s review was to gain an understanding of the levels of exit and paid-up charges being incurred by long-standing customers, and firms’ behaviour in applying those charges.

 

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