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FCA drops life insurance probe into Scottish Widows

The FCA has dropped its investigation into Scottish Widows in relation to its thematic review into the fair treatment of longstanding customers.

The regulator says there is “insufficient basis” for taking any enforcement action against the provider.

The FCA says it will be raising a number of issues uncovered as part of the investigation with the firm in its supervisory engagement.

Scottish Widows was one of six firms the FCA started investigating in March 2016 as a result of its thematic review into the fair treatment of longstanding customers in the life insurance sector.

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The other five firms were Abbey Life, Countrywide, Old Mutual, Police Mutual and Prudential. The investigation into Police Mutual was dropped in September last year.

The thematic review looked into insurers’ back books to see if customers were getting value for money from old products.

The watchdog confirms investigations into Prudential, Countrywide, Old Mutual and Abbey Life are continuing.

The update adds no inferences should be drawn from the closure of the Scottish Widows case concerning the continuing investigations and the FCA will update the market when decisions are made regarding the status of the remaining investigations.

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