Former Allied Dunbar deputy chair Lord Joel Joffe is calling for
compulsory representation of policyholders on the boards of life insurance
The cross-bencher plans to raise the issue as an amendment to the
Financial Services and Markets Bill which is at report stage in the House
of Lords. His chance will come after Easter.
The move comes as Standard Life faces a second attack from carpetbagger
The test case that Joffe will be using is orphan estates. These are
accumulating pile of assets that exist within the reserves of insurance
companies. It is not clear who owns this equity – the policyholders or
shareholders. Joffe says if policyholders had a direct presence on the
board, their interests could be better represented.