FCA finalises guidance for fair-treatment of closed-book policyholders

In Finalised guidance 16/8: Fair treatment of long-standing customers in the life insurance sector, the FCA wanted to ensure that customers with life insurance products, such as whole of life policies that are closed to new business, do not receive less attention than customers who have recently taken out a new product. The regulator had previously identified that some consumers, particularly those trapped unwillingly in long-term contracts, are likely to be vulnerable. Firms are expected to review their business practices within three months of today's date and, if necessary, make ch...