Investigations into six firms were announced on 3 March 2016, as a result of the FCA’s thematic review of the fair treatment of long-standing customers.
The firms were Police Mutual, Scottish Widows, Countrywide Assured, Old Mutual, Prudential and Abbey Life, which has since been acquired by The Phoenix Group.
At the time, Tracey McDermott, then-acting chief executive of the FCA, said: “The practices at some firms appears to have been poor. We have particular concerns regarding how some firms communicated with their customers about exit and/or paid-up charged.”
No decisions reached yet
In a statement on Thursday, the UK watchdog confirmed that its investigation into Police Mutual “had been closed with no further action”.
However, investigations into the other five firms “are continuing and no decisions regarding these firms have been reached” at this stage.
The regulator added that “no inferences should be drawn from the closure of the Police Mutual case concerning the continuing investigations”.
Co-operation
When contacted by International Adviser, a spokesperson for Old Mutual said: “We take the outcomes of our customers very seriously. We are working with the FCA and fully co-operating with their ongoing review.”
A spokesperson for The Phoenix Group told IA that the company is continuing to support the FCA with its investigation.
