The Financial Conduct Authority (FCA) has closed its investigation into the fair treatment of longstanding customers in the life insurance sector, after concluding its probe "did not warrant enforcement action".
The regulator launched the investigation after a thematic review, published in March 2016, found further work was required to determine whether six life insurance firms - Abbey Life, Countrywide, Old Mutual, Police Mutual, Prudential and Scottish Widows - had failed to meet its standards.
The FCA investigated the firms' behaviour around disclosing exit and paid-up charges to customers after December 2008, when regulatory rules around treating customers fairly took effect.
It sought to establish the reasons for the practices within firms, whether customers suffered detriment as a result and how widespread any practices were within the six firms.
The investigations into Police Mutual and Scottish Widows had already closed without further action taken, and the watchdog revealed on Wednesday morning the probes into the remaining four companies had been concluded and also did not warrant further action.
It said each firm had some issues identified during the investigations that are being addressed as part of its ongoing supervision of the companies, and that it will "continue to assess life insurance firms' adherence to the required standards and principles, and take appropriate steps where necessary."