FCA ends probe into fair treatment of life insurance
By Oliver Haill
Date: Wednesday 19 Sep 2018
(Sharecast News) - The Financial Conduct Authority has closed its remaining investigations into firms over the fair treatment of longstanding customers in the life insurance sector, sending shares in Prudential and Quilter higher.
Following the launch of its investigation in 2016 to determine whether six firms had failed to meet its standards, the Financial Conduct Authority said in a statement on Wednesday that firms' conduct "did not warrant enforcement action".
Old Mutual Wealth Life Assurance, a wholly owned subsidiary of Quilter, was one of the six, with the others being Phoenix Group's Abbey Life, Chesnara's Countrywide Assured, Police Mutual, Prudential and Lloyds' Scottish Widows. The FCA had earlier closed its investigations into Scottish Widows and Police Mutual.
The FCA has also stated that, as with other firms that were subject to the investigation, some issues have been identified during the investigations, and these are being addressed with the FCA as part of the ongoing supervision of Old Mutual Wealth Life Assurance.
The unit's voluntary remediation programme, which was announced in March last year, continues and is unaffected by today's announcement.
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