Service provider Selestia has accused the FSA of again failing consumers in its latest attempts to create fairer handling of with-profits policyholders.
Bill Vasilieff, marketing director Selestia, says the proposed changes do nothing to tackle the fundamental problem of the product type, which is that with-profits smoothing is an “illusion”. ”The latest proposals are a sop to the provider putting the interests of the industry and providers above those of the consumer,” Vasilieff says. ”Our main concern is for the policyholder. This latest round of lobbying simply providers a forum for providers to attempt to protect their own interests. It does nothing to reassure or clarify to the millions of consumers trapped in with-profits polici...
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