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

Navigating PISCES: FCA regulation doesn't equal protection

Navigating PISCES: FCA regulation doesn't equal protection

'Those investing via PISCES, and their advisers, should scrutinise issuers and their disclosures carefully'

James Tyler
clock 28 March 2025 • 4 min read
FOS sides with Ludlow WM after client's professional representative made 'poor submissions'

FOS sides with Ludlow WM after client's professional representative made 'poor submissions'

Complaint not upheld against Ludlow Wealth Management

Isabel Baxter
clock 27 March 2025 • 3 min read
Regulators rethink D&I targets 'to avoid additional burdens on firms'

Regulators rethink D&I targets 'to avoid additional burdens on firms'

FCA and PRA to take different appraoch to diversity and inclusion

Linus Uhlig
clock 13 March 2025 • 2 min read