You are here: Home - Insurance - News -

Regulator drops investigation into poor-practice at Scottish Widows

Written by:
The financial regulator will not take any enforcement action against Scottish Widows, one of six life insurance companies it is probing over poor-practice to longstanding customers.


The Financial Conduct Authority (FCA) has closed the investigation into Scottish Widows but will be raising “a number of issues” with the firm.

Investigations into Prudential, Countrywide Assured, Old Mutual and Abbey Life continue, the regulator confirmed.

It ended its investigation into Police Mutual in September 2017, with no enforcement action taken.

In 2016, the FCA opened investigations into the insurance firms to look into the treatment of customers with ‘zombie’ life policies, over a failure to inform clients of certain charges, including exit fees.

The policies under scrutiny were ‘closed book’, meaning that they were no longer open to new customers.

“Given the long-term nature of closed-book products, it is vital that customers are treated fairly and given the right information on an ongoing basis in order to help them make important financial decisions,” the FCA said at the time.


There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Coronavirus and your finances: what help can you get in the second lockdown?

News and updates on everything to do with coronavirus and your personal finances.

The savings accounts paying the most interest

If one of your jobs this month is to get your finances in order, moving your savings to a higher paying deal i...

Everything you need to know about being furloughed

If you’ve been ‘furloughed’ by your company, here’s what it means…

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
How to invest in companies battling cancer and Alzheimer’s

A number of investment trusts are investing in businesses, which are addressing major challenges to our health.