FCA updates investigation into six insurance firms

Added 7th September 2017

An investigation into how five insurance firms treat long-standing customers will continue with only one case closed, the Financial Conduct Authority has confirmed.

FCA updates investigation into six insurance firms

While the case against Police Mutual has been closed, an investigation into how Scottish Widows, Prudential, Countrywide Assured, Old Mutual and Abbey Life treat long-standing customers is still ongoing, the FCA said.

The action began in March 2016 after the regulator found some firms could have treated long-standing customers unfairly, making the most of inertia by charging high fees, maintaining poorly performing products or cutting costs to the detriment of the client.

Despite the case against Police Mutual being closed with no further action, the FCA said “no inferences” should be made with regards the continuing investigations.

“The investigations into Scottish Widows, Prudential, Countrywide Assured, Old Mutual and Abbey Life are continuing and no decisions regarding these firms have been reached by the FCA at this stage. No inferences should be drawn from the closure of the Police Mutual case concerning the continuing investigations,” it said in a statement on Thursday.

The FCA review aims to define the non-handbook guidance to give firms on how to treat long-term customers.

It said: “We want firms to take steps to ensure that all their customers receive fair outcomes, not just those who are most engaged or have had recent dealings with them.”

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Louise Hill

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Louise joined Portfolio Adviser in December 2016 as one of the editorial team’s news reporters based in London. Originally from Liverpool, she is an NCTJ-qualified journalist and began her career in 2014 working on local newspapers.

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