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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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Public trust in financial services 'shattered'

Ongoing exposure of poor practice in the financial services industry has "shattered" the public's trust, an expert has said.

Ros Altmann, an independent pensions expert and savers' campaigner, said: "Too often, insurers rely on customer inertia and take advantage of people's trust.

"Insurance is meant to offer both protection and future growth at a reasonable price, yet all too often its product pricing relies on customer inertia to recoup costs from captive customers."

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