The FSA has written to chief executives of all firms running open or closed with-profits funds, high...
The FSA has written to chief executives of all firms running open or closed with-profits funds, highlighting several treating customers fairly (TCF) shortcomings. It said some firms are not doing enough to provide independent input into the management of with-profits assets while others are not devoting enough attention to running off closed funds. Sarah Wilson, FSA sector leader for insurance, said: "Since the FSA's introduction of new rules for with-profits funds in 2004/05, we have been monitoring individual firms' compliance with the rules. The mixed picture shown in the reviews of ...
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