Life companies pare losses as FCA plays down review

Insurers’ committed to treating customers fairly

In response to the FCA announcement Resolution said that its engages with legacy customers on a regular basis.

It added its closed-book business Heritage has a dedicated management team to deal with its customers.

Resolution said: ‘An example of the benefits from this specific focus is the recent investments in the Heritage division, including the migration of our customers from legacy systems to a modern IT platform that will deliver improved customer service. The costs of these investments are borne by Resolution and do not fall to customers.’

Phoenix said it has continued to review its full product set to ensure it is operating as intended and remains committed to maintain its focus on the governance of its products.

‘Phoenix welcomes this review as we continue to look for areas where we can deliver better levels of customer service,’ it said.

L&G said it was strongly committed to treating its customers fairly and offering low-charging, good value products.

It said: ‘L&G does not outsource customer administration: our customers benefit from the continuity of a single product and service provider.

‘Our operating practices ensure we provide good value to our customers, and we have operated a programme of ongoing product reviews for more than 10 years.’

A Prudential spokesman, said it ‘would always plan to work closely with our regulators on any such review’.

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