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The Financial Services Authority (FSA) has published the findings of its comprehensive review into the operation of with-profits funds.
The review focused on whether firms are treating their with-profits policyholders fairly, looking specifically at how senior management in firms have implemented FSA rules. The review showed the performance of firms is mixed. Some firms are performing satisfactorily; however, a significant number of firms are not adequately demonstrating the practices the FSA expects from a well-run with-profits business.
The two main areas of concern are:
-ineffective governance of with-profit funds, …