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FSA looks to apply Sandler model to WP

The FSA is questioning the industry on the implications of applying Sandler&#39s model to all new with-profits business.

In Discussion Paper 20: Issues For With-Profits Arising From The Sandler Review, the FSA says it strongly endorses Sandler&#39s proposals for modernising with-profits.

The document discusses the implications for existing with-profits funds which would have to be closed, how the issue of orphan assets would be dealt with and how to stop consumers selecting against funds during a market downturn.

It accepts the orphan assets proposals could have major effects, including a distribution to policyholders.

Companies such as Scottish Equitable and Scottish Widows have already ringfenced their funds but leading players Prudential and Norwich Union have yet to make such a move.

FSA managing director John Tiner says: “We would be particularly interested to receive views on two of the review&#39s recommendations.

“The first concerns the mandatory adoption of the proposed new model for all future new with-profits business. The second refers to recommendations for compulsory information disclosure.”

Scottish Equitable manager of business development Steve Cameron says: “This would be very supportive of our stance and we would be pleased to see the FSA adopt this bold change. The impact on the industry could be very significant.”


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