Rebuilding confidence in with-profits

As life offices try to distance themselves from traditional with-profits, they are distancing themselves from their clients. The zeal with which they promote the next generation of with-profits is no doubt admirable but it comes at the expense of talking about existing policyholders. These people have put huge amounts of money into products. Ned Cazalet of Cazalet Consulting estimates there is still some £70bn in traditional with-profits bonds. Where does it leave the policyholders and the intermediaries who advised them at a time when the Government, the regulator, the press and life o...