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FSA will force insurers to give a better deal on with-profits,,,

 

Insurers face tougher rules over the way they manage with-profits funds.

Policy police: Sheila Nicoll of the FSA

The Financial Services Authority is consulting on changes to ensure funds are run in the interests of more than 15 million savers who still hold plans.

One aim is to clamp down on unfair exit penalties when savers want to cash in their pensions, endowments or bonds. Another is to make sure that policyholders get a fair share of any surplus funds.

Sheila Nicoll, the director of conduct policy at the FSA, says: 'People are not always getting the treatment that they deserve.' Proposals include tougher regulation of market value reductions (MVRs), the charges levied when customers cash in early.

The regulator wants to ensure these are proportional and not used to lock in savers.

Patrick Connolly of adviser AWD Chase de Vere in Bath, Somerset, says: 'These MVRs are far from transparent. The new proposals should give policyholders greater confidence that they are being treated fairly.' The FSA wants larger funds, those worth more than £500 million, to have management committees with a majority of independent members to oversee the way they are run.

Meanwhile, Prudential has announced fresh bonuses worth more than £2.2 billion for its four million with-profits investors.

The insurer grew its with-profits fund last year by 12.7 per cent. Maturity values also increased on some policies, with a £10,000 ten year bond now paying £15,489 compared with £14,346 last year.

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