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FCA closes investigations into firms over fair treatment of life insurance
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FCA closes investigations into firms over fair treatment of life insurance

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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.

The firms include Old Mutual Wealth Life Assurance, a wholly owned subsidiary of Quilter, 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.

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.

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