Financial Conduct Authority
The FCA announces outcome of investigation into 4 life insurance companies
The Financial Conduct Authority (FCA) yesterday announced that its remaining investigations into firms, following its thematic review into the fair treatment of longstanding customers in the life insurance sector, have each been closed.
The FCA launched the investigation following a thematic review, published on 3 March 2016. This identified further work was required to determine whether 6 of the 11 firms that were involved in the thematic review had failed to meet our standards. These 6 firms were Abbey Life, Countrywide Assured, Old Mutual, Police Mutual, Prudential and Scottish Widows.
All of the remaining investigations have now been closed. The FCA found the conduct of the 4 remaining firms (Abbey Life, Old Mutual, Prudential and Countrywide Assured) did not warrant enforcement action. In each firm, some issues have been identified during the investigations, which are being addressed as part of our ongoing supervision of those firms.
The FCA published its Final Guidance publication in December 2016. This sets out the expectations on how life insurance firms treat their closed-book customers fairly, including when disclosing the existence of paid-up and exit charges to existing customers.
The FCA will continue to assess life insurance firms’ adherence to the required standards and Principles, and take appropriate steps where necessary.
Notes to editors
- On 1 April 2013, the FCA became responsible for the conduct supervision of all regulated financial firms and the prudential supervision of those not supervised by the Prudential Regulation Authority (PRA).
- The FCA has an overarching strategic objective of ensuring the relevant markets function well. To support this, it has three operational objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers.
- Find out more information about the FCA.
Latest News from
Financial Conduct Authority
Manraj Virdee pleads guilty to illegally operating an investment scheme and fraud07/12/2018 10:25:00
In a case brought by the Financial Conduct Authority (FCA), Manraj Virdee recently (07 December 2018) pleaded guilty at Southwark Crown Court to four charges encompassing illegal operation of an unauthorised investment scheme, misleading consumers, and two related counts of fraud and will be sentenced at a date to be confirmed in due course.
FCA publishes findings on long-term mortgage arrears06/12/2018 14:33:00
Today the Financial Conduct Authority (FCA) published findings on how mortgage lenders treat customers who have long-term mortgage arrears and provide forbearance to affected customers.
ScamSmart prompts tens of thousands of pension holders to seek information05/12/2018 12:05:00
The number of people seeking information about pension scams has soared since the launch of the first joint campaign by the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) this summer.
FCA publishes Decision Notice against former CEO of Sonali Bank (UK) Ltd for AML failings04/12/2018 16:10:00
The Financial Conduct Authority (FCA) has today published a Decision Notice in respect of Mohammad Ataur Rahman Prodhan, the former Chief Executive Officer of Sonali Bank (UK) Limited (SBUK), fining him £76,400.
Mark Starling sentenced to 5 years’ imprisonment in FCA prosecution of £3m investment fraud30/11/2018 10:20:00
Mark Barry Starling, aged 57 of Farnham, Surrey, was yesterday sentenced at Southwark Crown Court to 5 years’ imprisonment for defrauding investors of just under £3 million in relation to unauthorised investment schemes he operated between 2008 and 2017.
FCA launches further consultations ahead of the UK’s exit from the EU26/11/2018 10:25:00
The Financial Conduct Authority (FCA) recently (23 November 2018) published a further consultation on its approach to the UK’s exit from the EU. The recent paper sets out additional proposals to prepare for the possibility the UK leaves the European Union on 29 March 2019 without an implementation period.
FCA proposes introduction of price cap on rent-to-own firms to protect vulnerable consumers from high costs22/11/2018 11:25:00
The Financial Conduct Authority today proposed to introduce a price cap on the rent-to-own (RTO) sector. The cap, subject to consultation, will come into force on 1 April 2019 providing protection for some of the most financially vulnerable people in the UK. Once in force, the changes are expected to save consumers up to £22.7m per year.
Darren Newton banned from working in the financial services sector15/11/2018 10:25:00
The Financial Conduct Authority (FCA) yesterday banned Darren Lee Newton from working in the financial services sector.