Two professional services firms have warned providers about the potential impact of the Financial Conduct Authority’s forthcoming review of long-standing insurance contracts.
The thematic review into fair treatment of legacy insurance customers began last Spring, with its botched pre-briefing causing billions of pounds to be wiped off the value of several UK insurers, amidst suggestions that it would investigate the level of profits made from funds closed to new business.
At the time, the FCA confirmed that the review is looking at a representative sample of firms, but not individually reviewing 30m policies – as had been suggested – or looking at removing exit fees from those policies, providing they were compliant at the time…Read more at FT Adviser