The FCA has referred Standard Life to its enforcement division over issues flagged up in a regulatory review of non-advised annuities.
Last year Phoenix Group acquired Standard Life Aberdeen’s insurance arm in a £3bn deal.
Standard Life’s previous annuity sale practices were investigated by the watchdog as part of its thematic review into the sector.
The review ended last September when the watchdog finally ended its inquiry, more than two years after it originally reviewed 11 providers over how they treated longstanding customers.
The FCA expressed particular concerns about failures in the market in general to disclose exit charges, and whether customers were given enough information on an ongoing basis.
Specifically it wanted to establish whether firms provided customers with sufficient information about enhanced annuities.
The regulator looked at whether firms made customers aware of their potential eligibility for enhanced annuities and whether they encouraged them to shop around in order to potentially get a higher income from another provider.
But in annual results published today Phoenix Group says: “Standard Life was referred to the FCA enforcement division to consider whether any of the issues identified in the thematic review on non-advised annuities sales warranted further intervention.”