FSCP report welcomed by industry

The Financial Services Consumer Panel (FSCP) has blasted the treatment of closed with-profits policy ...

The Financial Services Consumer Panel (FSCP) has blasted the treatment of closed with-profits policy holders and is calling on the FSA to arrange advice for the investors. The report’s conclusions have been welcomed by providers and trade associations alike. Problems believe to lie with the 8 million policy holders in open and closed with-profits funds who hold investments which advisers cannot afford to service because of the complex work involved and small amount of commission involved. Furthermore, the FSCP is questioning the independence of the with-profits committees who tend to h...