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Prosser in call for with-profits Catmark

Legal & General chief executive David Prosser is calling for with-profits products to be Catmarked as part of a more constructive relationship with the Government.

It was also revealed this week that the ABI wants to include new rules on the operation of with-profits under stakeholder and exactly what is included within 1 per cent under a raft of amending regulations under consideration at the Department of Work and Pensions.

Writing in the Swiss Re Insurance Report 2001, Prosser says: “It will be interesting to see if Ron Sandler gives consideration to developing Cat standards for with-profits products since this is an area into which Catmarking could usefully be introduced.”

He also argues that Government intentions towards the insurance industry have been positive but warns that unless the industry accommodates its objectives, the Government will use its authority and influence to constrain it.

Informed Choice managing director Nick Bamford says: “Of course we should deal with the Government in a constructive manner but it is a twoway street. Look at the Sandler review covering issues already being reviewed by the FSA. No wonder we are confused by the Government&#39s intentions. Catmarking with-profits will only be of interest to a select few who would inform themselves anyway.”

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