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Financial watchdog clears life insurers of customer mistreatment

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LONDON (Reuters) – Britain’s Financial Conduct Authority (FCA) said on Wednesday it had cleared four life insurance companies under investigation for alleged mistreatment of customers after an extended review of standards in the sector.

The watchdog said its scrutiny of Abbey Life, Old Mutual, Prudential <PRU.L> and Countrywide did not warrant enforcement action but had uncovered some issues at each company which would be addressed as part of its ongoing supervision of those firms.

The FCA launched the investigation following publication of a thematic review of 11 life insurance firms in March 2016.

It said further work was required to determine whether six of the 11 firms assessed had failed to meet regulatory standards. Investigations into Police Mutual and Scottish Widows were closed earlier without action.

(Reporting By Sinead Cruise, editing by Emma Rumney)

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