FCA has issued an information request to many firms that carry on with-profits business. It is carrying out a multi-firm review of the sector, focussing particularly on fair treatment of with-profits customers. One of FCA’s key concerns is to determine how features such as smoothing and guarantees are used. It says it has no preconceived ideas about what may be unfair or lead to unfair outcomes, nor whether customers are being unfairly treated. Once FCA has gathered the information, it will start the review – either late this year or early next.
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