FSA 'failed mutuals': Royal London

Gareth Evans, head of corporate affairs at the UK's largest mutual life and pensions provider Royal London Group, made the comments during a fringe event at the Liberal Democrat conference. "The FSA keeps saying bizarre things about with-profits funds, which is the engine of our growth. It is trying to constrain the way we use with-profits," Evans said. "The regulator has appointed someone to look into building societies, but has not appointed an equivalent for mutuals in the insurance sector, although Hector Sants has said this may happen at the Prudential Regulatory Authority (PRA)....