Regulator FCA drops Scottish Widows probe

The Financial Conduct Authority has dropped a probe into Scottish Widows’ treatment of long-standing life insurance customers.

The watchdog launched a ‘thematic review’ in 2016 into the treatment of closed-book customers by six companies.

The FCA said it had concluded there was insufficient basis for enforcement action against Scottish Widows and has closed its investigation into the firm.

It did, however, state it will raise a number of issues uncovered in its investigation with Sottish Widows in its “supervisory engagement”.

A probe into Police Mutual was also dropped without action last year but the FCA investigation is ongoing against Prudential, Countrywide Assured, Old Mutual and Abbey Life.