Thematic review: Fair treatment of long-standing customers in the life insurance sector

The FCA wants firms to ensure that ‘closed-book’ customers, who have life insurance products that are closed to new business, are treated fairly and do not receive less attention than customers who have recently taken out a new product. So it looked at how some firms have treated these customers.

We found that most firms in our sample are demonstrating good practice in one or more areas and poor practice in others. A small number of the firms we looked at were delivering poor customer outcomes against most of the areas we assessed.

In this paper, the FCA sets out how it conducted the review, key findings and expectations for firms.