Partnership confirms FCA probe into deal with one adviser

Partnership Life Assurance Company, part of the Partnership Assurance Group, has confirmed it is the subject of a Financial Conduct Authority (FCA) investigation into potentially unsuitable distribution agreements with advisory firms.

The regulator has appointed investigators to scrutinise a distribution services agreement it has in place with with one advisory firm, the group confirmed on Friday. Partnership made clear the opening of the investigation does not mean it has been found guilty of any wrongdoing. The investigation will seek to determine whether the company has contravened the FCA's rules, including changes introduced by the Retail Distribution Review (RDR). On Wednesday, the FCA said it had uncovered evidence of unsuitable marketing and distribution deals agreed between insurance companies and advis...