Mutuals warn of capital threat from UK 'twin peaks' regulation

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Uncertainty over the treatment of with-profits fund surpluses under the UK's new ‘twin peaks' regulatory regime could threaten mutual insurers' ability to trade, mutuals warn.

In 2013, two new agencies will replace the Financial Services Authority (FSA) and share responsibility for supervising insurers. The Prudential Regulatory Authority (PRA) will promote the safety and soundness of firms and ensure appropriate protection is afforded current and future policyholders, while the Financial Conduc