Prudential seeks FSA clarification

The Prudential is seeking FSA clarification on the ownership of approximately £5.3bn in orphan assets from its with-profits fund. The group denies it is seeking to use the funds to pay out to shareholders, an accusation aimed at Prudential from the Consumers' Association. The Consumers' Association said that following the FSA's approval to use £1.8bn of the money to help cover a bill of £2bn incurred through pension mis-selling compensation, the Prudential has now entered negotiations with the FSA and Treasury over further inherited assets. A spokesman at Prudential said: "Firstly this i...