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FCA concludes investigation into Scottish Widows

The Financial Conduct Authority (FCA) has concluded its investigation into the treatment of longstanding life insurance customers of Scottish Widows.

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In March 2016, the FCA announced investigations into six firms as a result of its thematic review into the fair treatment of customers in the life insurance sector.

 

As well as Scottish Widows these firms included Prudential, Countrywide Assured, Old Mutual and Abbey Life - in which no decisions have yet been reached.

 

The FCA investigation focussed on the disclosure of exit and paid-up charges after December 2008.

 

The regulator said that this was because the Financial Services Authority published a number of communications on treating customers fairly, between 2004 and 2007,and required firms to implement related changes no later than December 2008.

 

The FCA has concluded that in the case of Scottish Widows, there is insufficient basis for taking any enforcement action. However, the FCA said it will be raising a number of issues uncovered as part of the investigation with the firm in its supervisory engagement.

 

The industry watchdog also said that inferences should not be drawn from the closure of the Scottish Widows case concerning the continuing investigations.

 

The FCA will update the market when decisions are made regarding the status of the remaining investigations.

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