Insurers welcome FSA concessions on mutual capital

But questions remain over cost and complexity of regulator's proposals

FSA headquarters

Mutual insurers have been granted concessions on the regulation of with-profit policies by the Financial Services Authority (FSA). The regulator's move promises to bring an end to the industry's concerns over the treatment of ‘mutual capital', which has dogged the sector for the last six years.

Revised definitions of with-profits assets proposed in FSA consultation paper CP12/13 had threatened mutuals' ability to stay in business if both their with-profit and non-profit assets belonged to a

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