UK Insurance - With-profits reform demanded


UK life companies that operate with-profits funds, especially closed or dormant funds, have been told to improve their governance and treatment of policyholders by industry watchdogs. But leading providers say they have already implemented much of what is proposed.

In September, the UK Financial Services Authority (FSA) issued a 'dear CEO' letter to life companies that operate with-profits funds. Signed by Sarah Wilson, insurance sector leader, the notice served as the conclusion of an FSA study

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