The FSA has called the successful vote of the Equitable compromise by its members a “good step”.
FSA managing director consumer, investment and insurance directorate John Tiner says the result offers the best chance to achieve stability to the with-profits fund.
Tiner says: “We firmly believe that a successful compromise offers the best prospect of bringing stability to the with-profits fund and improving the outlook for worried policyholders. So today's outcome is good news. The next step is for the Court to decide whether to approve the scheme, taking into account any representations made.”