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Insurance firms' shares rally despite City watchdog inquiry

Shares in a number of insurance firms have recovered slightly since tumbling this morning after the City watchdog , the Financial Conduct Authority, announced plans to start an investigation into 30 million policies sold between the 1970s and 2000.

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City watchdog launches insurance companies probe

Billions of pounds were wiped off the value of leading insurance companies today after the City watchdog launched a new investigation.

The Financial Conduct Authority is looking at policies like endowments and pensions dating from the 1970s to the turn of the century that locked savers in with high exit fees, amid concerns customers may have been charged too much.

ITV News Economics Editor Richard Edgar reports.

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