Spottiswoode in fresh attack on FSA over inherited estates

Spottiswoode says the FSA continues to fail to manage the conflict of interest between the needs of shareholders and policyholders when insurers' with-profits funds generate far more capital than they need to pay out. It follows the announcement today Aviva has made a revised reattribution offer for with-profits policyholders on its £1.4bn inherited estate. "We had to take into account the role of shareholders when we negotiated this particular deal, and I think the regulation as it stands is sadly lacking," Spottiswoode says. "The FSA tends to take the easy route out which is to favo...