The Financial Conduct Authority (FCA) announced investigations into six firms as a result of its thematic review into the fair treatment of longstanding customers back in March.

The regulator has today announced that the investigation into Scottish Widows has concluded and there is insufficient basis for taking any enforcement action.

The FCA will be raising a number of issues uncovered as part of the investigation with the firm in its supervisory engagement.

The investigations into Prudential, Countrywide Assured, Old Mutual and Abbey Life are continuing and no decisions regarding these firms have been reached by the FCA at this stage.

The regulator says no inferences should be drawn from the closure of the Scottish Widows case concerning the continuing investigations. The FCA will update the market when decisions are made regarding the status of the remaining investigations.