FCA Tells Insurers To Improve Handling Of Funds Payouts
Law360, London (April 26, 2019, 4:49 PM BST) -- Insurers providing so-called with-profits funds, a type of pooled investment, must do more to update their payout plans to ensure that investors are getting fair returns, Britain’s financial regulator has said.
The Financial Conduct Authority said it has found that insurance companies providing with-profit funds are not appropriately using documents designed to ensure that payouts to investors are distributed fairly. Companies are not always keeping the plans up-to-date in line with its rules, the watchdog said.
The regulator said it has also identified weaknesses in the way insurers assess and distribute extra money in the funds. The FCA revealed its findings after...
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