FCA to take no further action on Police Mutual and says no inference should be drawn from continuing investigation of the other companies in the "fair treatment" probe

The FCA announced the closure, with no further action, of one of the investigations, announced on 3 March 2016, into the disclosure of exit and paid-up fees

Proactive Published 07/09/2017

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The Financial Conduct Authority has closed its investigation into Police Mutual over the fair treatment of long-standing customers.

The FCA said in a statement the investigations into Scottish Widows, Prudential, Countrywide Assured, Old Mutual and Abbey Life are continuing, but said no inference should be drawn from the fact that the Police Mutual probe has been closed and the others are still open.

Life and pensions consolidator Chesnara Plc (LON:CSN), which now owns Countrywide, said it is still working with the Financial Conduct Authority to bring a speedy termination to the FCA's investigation.

Chesnara reiterated that, given the narrow scope of the investigation, it reckons the outcome from the investigation should not have a material impact on the company.

Shares in Chesnara were up 0.6% at 396.75p in the first hour of trading.