L&G calls for FCA to clarify plans for industry probe
LONDON, March 28
LONDON, March 28 (Reuters) - Life and pensions group Legal & General has called on Britain's financial watchdog to clarify immediately its plans to probe the insurance industry on whether it is treating customers in old savings schemes fairly.
Reports that the Financial Conduct Authority will investigate whether people locked into savings schemes sold by life companies before 2000 are being treated fairly sent shares in insurers sharply lower on Friday.
The FCA plans to annouce the review in an annual business plan on Monday but L&G on Friday called on the regulator to bring publication forward.
"We expect further, official clarification from the FCA when it publishes its business plan, and in view of today's disorderly market we are requesting that the FCA bring forward the publication of the plan," L&G said in a statement.
The FCA had no immediate comment on L&G's request. (Reporting by Chris Vellacott. Editing by Huw Jones)