LONDON, Oct 18 (Reuters) - British insurer Aviva said on Tuesday it did not expect to take “significant” actions as a result of a regulatory review into how the industry sold lifetime incomes to people in ill-health.
Britain’s financial watchdog, the Financial Conduct Authority, last week said some firms needed to review their sales from 2008 onwards to ensure people got the right deal, and compensate them if not.
“We welcome the announcement from the FCA,” a spokeswoman for the group said in an emailed statement to Reuters.
“Our work is primarily focused on supporting further future improvements to the market, rather than on retrospective action. We don’t anticipate having to take any significant retrospective action,” she added.
On Monday, rival Standard Life said it had been asked by the FCA to review its sales. (Reporting by Carolyn Cohn, editing by Sinead Cruise)