Financial Conduct Authority investigation into Quilter is closed
The authority says the conduct of the financial services company’s subsidiary Old Mutual Wealth Life Assurance does not warrant enforcement action
Financial services company Quilter said on Wednesday that the investigation by the Financial Conduct Authority (FCA) regarding the fair treatment by firms of long-standing customers in the life insurance sector has been closed.
Quilter, formerly known as Old Mutual Wealth, a subsidiary of Old Mutual plc, was listed independently on the JSE in June.
The FCA has stated that the conduct of Old Mutual Wealth Life Assurance, a wholly owned subsidiary of Quilter, did not warrant enforcement action.
The FCA has also stated that, as with other firms subject to the investigation, some issues have been identified during the investigation and these are being addressed with the FCA as part of the ongoing supervision of Old Mutual Wealth Life Assurance.
Old Mutual Wealth Life Assurance’s voluntary remediation programme announced in March 2018 is ongoing and is unaffected by today’s announcement, Quilter said.
At 11.21am, Quilter’s shares were 1.2% up to R26.21 in trade on the JSE.