Resolution and peers plunge as FCA plans zombie fund probe
- Shares in Resolution and peers tumbled today following reports the FCA is to probe 30 million legacy insurance policies.
- In particular, the FCA is preparing to act on exit fees from such policies, which currently penalise savers who want to switch providers.
- Many savers with legacy deals are effectively stuck in some products because of the huge exit penalties – some charge as much as 50% of a person’s investment to leave.