The company was told on 19 September last year that the regulator would be looking into the terms of the deal with the unnamed firm.
It followed a thematic review by the FCA into arrangements between providers and advisers that could undermine the principles of the Retail Distribution Review (RDR).
That probe uncovered some deals which concerned the regulator, and it said at the time two firms faced enforcement action.
Partnership Life Assurance Company, a wholly owned subsidiary of Partnership Assurance Group, said the FCA had stopped its investigation into its arrangement, and that “no further” action would be taken.
It is unclear what action, if any, the FCA has taken to date.
Partnership CEO Steve Groves said: “I am pleased to report that, after over a year, the FCA has concluded its investigation and that no further action will be taken.
“As we said at the time of being notified of the investigation, we are supportive of the principles of the RDR, confident that our distribution agreements are compliant with the FCA rules and remain committed to acting in the best interests of our customers.”