City watchdog to probe 30m financial policies
The City regulator is to investigate firms running 30 million old insurance policies worth £150bn over concerns about "unfair" terms and conditions.29 March 2014
The investigation will look at pensions, endowments, investment bonds and life insurance policies sold in the UK between the 1970s and 2000.
The Financial Conduct Authority (FCA) will look into policies which penalise savers who want to switch providers.
Insurance firms' share prices dropped in trading on Friday as a result.
Later on Friday the FCA issued a statement in response to concerns about how it had handled the release of the news about its investigation.
"The Board will conduct an investigation into the FCA's handling of the issue involving an external law firm, and will share the outcome of this work in due course," it said.