Pru creates independent with-profits committee

One of the FSA’s key compliance requirements for the management of with-profits funds – as set out in 2003 in CP207 – asked each with-profits provider to create a document, known as the Principles and Practices of Financial Management, explaining the rules under which the firm would manage its with-profits funds and then publish those specifications for the benefit of consumers. Alongside the requirement for a PPFM, the FSA said firms should deploy a committee - independent of the life office - to ensure the company meets its own rules and continues to act in the best interests of both p...