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FCA ends probe into Scottish Widows, four others still under scrutiny
The Financial Conduct Authority has closed a long-running investigation into Scottish Widows without taking action against the Lloyds Banking Group-owned insurer.
The regulator had been investigating Scottish Widows and five other life insurers since March 2016 after conducting a review of their treatment of longstanding customers. The FCA said it would raise several matters uncovered by the investigation with Scottish Widows but that that there was "insufficient basis for taking any enforcement action".
Scottish Widows is the second insurer to escape FCA penalties after the regulator closed its investigation of Police Mutual in September 2017. The FCA is still scrutinising Prudential, Chesnara's Countrywide Assured, Old Mutual's Quilter and Abbey Life, which is owned by Phoenix Group.
The FCA said: "No decisions regarding these firms have been reached by the FCA at this stage. No inferences should be drawn from the closure of the Scottish Widows case concerning the continuing investigations. The FCA will update the market when decisions are made regarding the status of the remaining investigations."