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FSA consults on banning use of surplus to pay compensation

The FSA has published a consultation paper proposing to stop insurance companies from using the inherited estates of with-profits funds to pay compensation for mis-selling.

FSA rules currently allow firms to pay redress from inherited estates but after re-examination of these rules it concluded that the current rules may not lead to the fair treatment of policyholders.

FSA rules already require firms to consider whether they have an excess surplus in a with-profits fund that should be distributed to policyholders.

The consultation will close on 3 September 2008 and a policy statement giving feedback on the consultation is due to be published before the end of the year.


Altmann challenges Turner on pensions

Former Downing Street pension adviser Dr Ros Altmann is calling on Lord Adair Turner to stand up to the Government on personal accounts in his new role as FSA chairman.

FSA cash website for young people

The FSA has launched a new website, www.whatabout, offering information for young adults as part of its National Strategy for Financial Capability.


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