FSA progresses discussion on protecting with-profit policy holders

Professional Adviser
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The Financial Services Authority has released its fifth and final Issues Paper in its review of the ...

The Financial Services Authority has released its fifth and final Issues Paper in its review of the with-profits sector, which involves £300bn in policies, held by about 15m policy holders. The paper – which delivers a series of ideas to improve the governance of with-profits funds – sets out five possible options aimed at tackling concerns regarding the breadth of discretion retained by insurers, the lack of transparency over the exercise of that discretion, and the potential for conflicts of interest. The directions set out in the issue paper are: Directors define p...

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