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ABI comments on FCA report on fair treatment of long standing customers in the life insurance sector

The Financial Conduct Authority (FCA) has published a report on its review of the fair treatment of long-standing customers in life insurance.

Hugh SavillCommenting on today’s publication, Hugh Savill, Director of Regulation, Association of British Insurers, said:

"This is an important report the findings of which we will study in detail. It should be recognised that products analysed in the review bear little resemblance to the long-term savings market today, which continues to modernise and deliver value for money products with lower charges in the era of auto enrolment and pension freedoms.

"We are pleased that the FCA has found no evidence of any systemic intention to take advantage of customers in older closed book products. However this report highlights that more needs to be done to improve governance of and communication with customers with older style products. We will be discussing with members and the Regulator ways to ensure that this happens."

Last updated 01/07/2016