FCA has published undertakings from the Clerical Medical Investment Group Limited and the Equitable Life Assurance Society. FCA noted terms allowing customers to transfer their funds implied the firm would be absolved of all liability under the customer’s original contract and this would be unfair under the Unfair Terms in Consumer Contracts Regulations (UTCCR). The firms agreed to change their terms so it was clear customers were not waiving their rights against the firm in question. (Source: Clerical Medical UTCCR Undertaking and Equitable Life UTCCR Undertaking)
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FCA publishes UTCCR undertakings
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