FSA proposes Holloway definition change before RDR

Holloway products, sold by around a dozen friendly societies to mainly less well-off consumers, combine income protection insurance and an investment element which allows policyholders to share in the society's surplus. Currently the FSA defines a Holloway sickness policy as ‘a policy offered or effected by a friendly society under the Holloway system'. However, it says this definition is too vague and wants to link the Holloway name to four key functions, so only qualifying products can use the label. This will tie in with plans to exempt Holloway products with only a "small inves...