Prudential has taken the first step towards withdrawing funds from its inherited estates by this morning announcing its nomination for a policyholder advocate.
Prudential is thought to have a potential £10bn in inherited estates which could be claimed from the with-profits fund and redistributed to shareholders and policyholders, if the policyholder advocate decides it is in the interests of members and can agree a fair amount for policyholders. It follows similar moves by Aviva last year to appoint Clare Spottiswoode as its policyholder advocate, to investigate whether it would be beneficial to policyholders to withdraw over £3bn in inherited estates. While the firm is keen to stress no decision has yet been taken on the reattribution, it i...
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