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BUZZ-Chesnara: FCA probe into Countrywide Assured bites

Reuters - UK Focus

** Chesnara (LSE: CSN.L - news) , an insurance-focused takeover specialist, at the bottom of the FTSE All Share Life Insurance Index after UK's FCA launches a probe into six insurance firms as part of a review into the treatment of long-time life insurance customers

** The cos include Prudential (Amsterdam: PD8.AS - news) (+0.2 pct), Old Mutual (Other OTC: ODMTY - news) (-0.33 pct), Abbey Life, Scottish Widows, Countrywide Assured Plc and Police Mutual

** Countrywide Assured Plc de-merged from the Countrywide Assured Group in 2004, and Chesnara is now its holding company

** Chesnara, which mainly buys life insurance funds closed to new customers, says will co-operate fully with the FCA in its investigation

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** The financial watchdog has been monitoring whether insurers have treated customers locked into pension and other savings plans fairly compared with new customers

** The regulator said the investigations into the six firms would not necessarily result in disciplinary action, that financial penalties will inevitably be imposed or that redress will be payable (Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net)