With-profits under the microscope

At the end of June, the FSA published its findings from a ‘thematic’ review of the operation of with-profits funds. It had assessed 17 firms representing 80% of the with-profits sector. The review included large, medium and small firms, proprietary and mutual companies as well as both open and closed funds. The FSA also conducted a separate, ‘initial lessons learned’ exercise on recent reattribution projects. The purpose of the thematic review was to assess how senior management had implemented FSA rules and principles; in particular, whether they were managing their commitments to their...