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Ptnrshp Assc Grp Plc (PA.)

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Friday 20 September, 2013

Ptnrshp Assc Grp Plc

Notification Received From FCA

RNS Number : 5003O
Partnership Assurance Group PLC
20 September 2013

20 September 2013

Notification Received From FCA

After market close on 19 September Partnership Life Assurance Company Limited ("PLACL" or "the Company"), a wholly owned subsidiary of Partnership Assurance Group plc ("Partnership"), received notification from the Financial Conduct Authority ("FCA") that it has appointed investigators to conduct an investigation in relation to PLACL's distribution services agreement with one advisory firm. The investigation will seek to determine whether the Company has contravened the FCA's rules, including changes introduced by the Retail Distribution Review ("RDR"). The notification makes clear that "the appointment of investigators does not mean that the FCA has determined that rule breaches and/or other contraventions or offences have occurred". Given the recent press speculation, and receipt of notification from the FCA last night, Partnership considered it appropriate to make an announcement at this time.  

As part of its RDR programme, PLACL 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.  PLACL is fully aware of its obligations under the rules and is supportive of the principles underpinning RDR. The Company remains committed to act in the best interests of its customers. 


The Company welcomes the opportunity to engage with the FCA in respect of this particular agreement and will cooperate fully with the investigation. A further update will be provided as appropriate.






Chris Rhodes, Director of Investor Relations,

+44 (0) 207 398 5989

[email protected]



Jim Boyd, Director of Corporate Affairs,

+44 (0) 207 618 2744

[email protected]


Citigate Dewe Rogerson:

Michael Berkeley

Grant Ringshaw

+44 (0) 207 638 9571





This information is provided by RNS
The company news service from the London Stock Exchange

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