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UK FCA concludes Scottish Widow fees probe

The U.K. Financial Conduct Authority concluded its probe into Scottish Widows' treatment of long-standing customers, saying there is insufficient basis for taking any enforcement action.

The regulator launched an investigation in 2016 into six life insurance companies, including Scottish Widow, after a thematic review showed that insurers may have failed to inform customers about certain changes.

The Financial Conduct Authority said it will raise a number of issues uncovered as part of the probe with Scottish Widow in its supervisory engagement.

Its investigations into Prudential PLC, Countrywide Assured PLC, Old Mutual PLC and Abbey Life Assurance Co. Ltd. are ongoing.