The investigation into the Scottish Widows was brought to an end due to “insufficient basis for taking any enforcement action”.
On Tuesday, Britain’s Financial Conduct Authority (FCA), its financial markets regulator, disclosed it has closed its investigation into Scottish Widows as part of a thematic review into the fair treatment of longstanding customers in the life insurance sector.
According to the results of the FCA’s investigation, there was “insufficient basis for taking any enforcement action”; however, it plans on raising a number of issues that were uncovered during the course of the investigation.
Investigations into Old Mutual, Prudential, Abbey Life and Countrywide are still continuing, said the FCA in a statement.
Its statement went on to add, “no inferences should be drawn from closure of Scottish Widows case concerning continuing investigations”.