Making with-profitsmore transparent

It seems long-term investors with a low tolerance to market volatility will continue to demand a product that offers a substantial exposure to real assets to ensure a return above that available on deposits that at the same time manages the short-to-medium term volatility associated with equities and, to a lesser extent, property. Given the inherent contradiction in such a demand, any product that aims to meet these requirements will be flawed, as was recognised by the Financial Services Authority (FSA) in its review of with-profits, and by the Sandler Review. In its feedback statement o...