FCA is conducting a thematic review into the automatic renewal of fixed term bonds. It has focused on contract terms and policies relating to renewals after it received complaints over firms' practices, and customers reporting themselves locked into long continuations of their investment. FCA has now published its findings, which show that 16 out of 30 firms surveyed operated automatic renewal in some form. FCA said terms which allowed the firms discretion on reinvestment were at most risk of being unfair. It was particularly concerned at firms that introduced automatic renewal provisions into the product terms at some point after inception, and those that gave short cancellation periods in the run up to product maturity, giving customers little time to decide what to do with their funds. Finally, it found some firms were unclear in their explanations to customers of their options on maturity. FCA has suggested changes to the affected firms and now encourages all firms to read and act on its report. FCA is continuing its thematic work on automatic renewals, moving its focus to home and motor insurance. It expects to report further in 2014. (Source: FCA Reports on Fixed Term Bond Renewal)