A group of UK credit unions has been pushing for regulatory intervention after CMutual, an Irish-owned insurance broker, announced the withdrawal of a long-standing life insurance policy that will leave more than 2,000 members — many elderly — without funeral cover. In correspondence seen by The Currency, the group complained last month to the UK Financial Conduct Authority (FCA) that, despite repeated requests, CMutual and its underwriter, Maiden Life, have “failed to put consumers first” or provide a contingency plan for the “vulnerable citizens that will be harmed”. Affected credit unions claim they have been left to pick up the pieces…

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