The head of the Financial Conduct Authority (FCA) has revealed details of its thematic review into the £902bn unit-linked funds sector -and said the regulator is also looking into the annuity market.
Speaking at the Association of British Insurers biennial conference yesterday, Martin Wheatley (pictured) said that the review had been one of the "most important thematic reviews we've been working on over the last 100 days". He said:"This is a hugely significant sector. It has somewhere around £902bn worth of funds under management, with 87% of that being pension business. "The question we are asking is whether these firms are acting in their customers' best interests. Are they allocating a fair proportion of revenue received from stock - lending to the fund - or are they recycling ...
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