FCA closes exit fee investigation into one of six insurers
The FCA has today announced that an investigation into Police Mutual has been closed with no further action.
In March 2016 the FCA announced investigations into six life insurance providers for potentially failing to inform customers about exit charges.
It raised concerns that some customers may "potentially have been unaware that they would have to pay such a charge or that they have paid or are paying such a charge".
The FCA today confirmed that investigations into Scottish Widows, Prudential, Countrywide Assured, Old Mutual and Abbey Life are continuing and that no decisions regarding these firms have yet been reached.
In a statement, the FCA said: "No inferences should be drawn from the closure of the Police Mutual case concerning the continuing investigations. The FCA will update the market when decisions are made regarding the status of the remaining investigations."
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