Questions raised over Resolution asset allocation

The firm says certain groups of policyholders with Resolution are being disadvantaged by the so-called 'zombie fund’s' exercise of discretionary investment powers. Alan Owen, partner at Irwin Mitchell, says by its own admission Resolution Life “hypothecates” which he defines as “giving different groups of policyholders a different mix of assets - without seeking explicit policyholder approval”. Essentially, what this means is Resolution appears to be taking asset allocaton decisions on behalf of policyholders to ensure they receive the sum assured on their investment but without informing...