Treasury Committee slams FSA on inherited estates

In a report on the issue published today, Treasury Committee chairman, John McFall MP says the FSA’s response to inherited estates is a long way from its principles-based approach. Inherited estates, excess assets within a long-term fund over and above those needed to meet liabilities, are open to abuse by fund managers, according to the Committee The Treasury Committee’s investigation focused on how the interests of with-profits fund policyholders were protected by the FSA, with a close look at issues surrounding inherited estates. It says conflicts of interest may arise as shareholders...