Old Mutual and Pru cleared as FCA drops insurance probe
Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. The review, initially into the actions of six companies, kicked off in March 2016, with Police Mutual cleared of any wrongdoing in September 2017 and Scottish Widows in June 2018. The regulator said that while it had found ‘some issues’ at each of these companies in how they treat closed book customers, including the disclosure of exit charges, it had addressed these as part of its ongoing supervision of the firms. The regulator added that it will ‘continue to assess life insurance firms’ adherence to the required standards and Principles, and take appropriate steps where necessary’.