FSA refers two firms to enforcement after with-profits review

A number of other firms have been directed to make immediate changes to their governance arrangements to better protect policyholders' interests, as the FSA says it will take 'strong action' to ensure its requirements are met. It follows a comprehensive review into the operation of with-profits funds which saw the FSA assess 17 firms representing, as at 31 December 2009, about 80% of the assets in the with‑profits market. At the end of 2009, there were around 25 million with‑profits policies held by consumers representing £330bn assets under management. The review focused on wheth...