Partnership Assurance Group PLC FCA investigation conclusion (3109V)

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RNS Number : 3109V

Partnership Assurance Group PLC

27 October 2014

27 October 2014

FCA investigation conclusion

Partnership Assurance Group plc announces that it has received confirmation from the Financial Conduct Authority ('FCA') that the regulator has discontinued its investigation in relation to a distribution agreement and that no further action will be taken at this time.

On 19 September 2013, Partnership Life Assurance Company Limited ('PLACL', a wholly owned subsidiary of Partnership Assurance Group plc) was notified that the FCA would be conducting an investigation into its distribution agreement with one advisory firm. The investigation sought to determine whether PLACL had contravened any FCA rules, including those which were introduced by the Retail Distribution Review ('RDR').

Steve Groves, Chief Executive Officer, commented,

"I am pleased to report that after over a year, the FCA has concluded its investigation and that no further action will be taken. As we said at the time of being notified of the investigation, we are supportive of the principles of the RDR, confident that our distribution agreements are compliant with the FCA rules and remain committed to acting in the best interests of our customers."

Enquiries

 
 Investors:                           Media: 
 Katherine Jones                      Jim Boyd                         Citigate Dewe Rogerson 
  Director of Investor                 Director of Corporate            Grant Ringshaw, 
  Relations                            Affairs                          Shelly Chadda 
  [phone]                 [phone]             [phone] 
  [e-mail]    [e-mail]    9571 
                                     -------------------------------  ----------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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