The FCA has dropped its investigation into whether Partnership Assurance Group has breached its rules over a distribution agreement.
In September the FCA had revealed that two firms had been referred to its enforcement division for potentally breaking regulations.
The revelations had appeared in its paper on inducements, in which the regulator raised criticisms of providers and advisers over potential conflicts of interest, which ranged from provider hospitality and training to commercial arrangements, such as adviser firm panels.
Following speculation as to the identities of the two firms, Partnership confirmed to the market in September that it was one of them, and said the FCA was investigating a distribution agreement it had made with “one advisory firm”.
In its statement to the market, Partnership said: “As part of its RDR programme, Partnership Life Assurance Company Limited undertook a review of its distribution services agreements to ensure that they remained compliant under the new rules.
“This included taking independent legal advice on the agreement under investigation and other significant distribution services agreements.”
However, following the investigation, the Surrey-based firm has now confirmed the watchdog will be taking no futher action.
Steve Groves, chief executive of Partnership Assurance Group, said he was pleased about the announcement, adding: “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.”
Right to reply
When asked, the FCA confirmed the investigation has been dropped, but a spokesman declined to comment further.
