"Treasury Committee calls on FSA to beef up regulation of with-profits sector to ensure fair and transparent use of Inherited Estates"
This inquiry focused on how well the interests of with-profits fund policyholders were being protected by the FSA, particularly with regard to issues surrounding inherited estates. Conflicts of interest arise because shareholders, through the management of life firms, control fund strategy and therefore stand to gain at the expense of policyholders from certain uses of inherited estate.
Tuesday 22 April 2008
Witnesses: Peter Vicary-Smith, Chief Executive and Dominic Lindley, Principal Policy Advisor, Which?; Clare Spottiswoode CBE, Policyholder Advocate for Norwich Union, and Dr Eileen Marshall CBE, independent consultant, Office of the Policyholder Advocate for Norwich Union; Hector Sants, Chief Executive, and Sarah Wilson, Director and Insurance Sector Leader, Financial Services Authority
Wednesday 30 April 2008
Witnesses: Mark Hodges, Chief Executive, and John Lister, Chief Actuary, Norwich Union Life, and Nick Prettejohn, Chief Executive, and Nikki Maynard, Director of Strategic Projects, Prudential UK