With-profits to consolidate

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akg actuaries & consultants believes there is a future for with-profits but on a much reduced scale

Further consolidation among closed life funds is likely over the next two or three years, AKG Actuaries & Consultants, has predicted. According to the actuary, the FSA has shown a growing interest in closed funds under the umbrella of its Treating Customers Fairly (TCF) initiative in recent years, issuing regulation on the matter in 2004. In the latest AKG UK Life Office Closed With-Profits report, the group's actuary Gary Bown said the impact of these changes has been significant, as seen through declining risk profiles and a fall in equity backing ratios from funds. A closed fund is on...

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