Economy

FCA closes 'long-standing customer' investigation into Police Mutual

Chesnara noted the statement from the FCA, and reiterated that it has provided the FCA with all information requested.

The six providers were referred to FCA enforcement as part of a review past year in which the regulator expressed concerns over how closed-book customers risked being treated unfairly by being kept in high-charging, badly performing products.

Chesnara said Thursday it is continuing to work with the FCA with the aim of bringing the investigation to a conclusion "as quickly as possible".

'The investigations into Scottish Widows, Prudential, Countrywide Assured, Old Mutual and Abbey Life are continuing and no decisions regarding these firms have been reached by the FCA at this stage. We have particular concerns regarding how some firms communicated with their customers about exit and/or paid-up charges.

The Financial Conduct Authority has announced that no further action will be taken, as it closes its investigation into Police Mutual.

It found that even where customers are aware of these charges, their impact on the returns customers receive can be significant, and they may present barriers to customers shopping around.

Now it is probing the market more deeply to find out how widespread are the practices it has uncovered, and if they have led to customer detriment.

Shares in Chesnara were down 1.2% on Thursday at 396.75 pence.



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