House of Commons

Session 2007-08 Publications on the internet Treasury Committee Publications

Treasury - Twelfth Report Here you can browse the report together with the Proceedings of the Committee. The published report was ordered by the House of Commons to be printed 10 June 2008. Contents Terms of Reference Summary 1 Introduction 2 Understanding inherited estate With-profits funds and their regulation Introduction to inherited estate Origins of inherited estate Special distributions Reattribution What is a reattribution? The AXA reattribution The role of the policyholder advocate The role of the FSA in regulating inherited estates 3 Uses of the inherited estate Why does this matter? Supporting a strong with-profits fund Smoothing Underwriting new business Loss leaders The context of a reattribution Impact on competition Mis-selling compensation costs Shareholder tax 4 Special distributions Excess surplus Policyholders' reasonable expectations Phasing of special distributions 5 Reattribution Introduction Intergenerational transfers Policyholder advocate's role Role of the FSA in a reattribution Speed of negotiations 6 Protecting policyholders' interests A conflict of interests Principles and Practices of Financial Management With-Profits Committees The Financial Services Authority Conclusions and recommendations Formal minutes Witnesses List of written evidence List of unprinted evidence List of Reports from the Treasury Committee during the current Parliament Oral and Written Evidence 22 April 2008 30 April 2008 Written Evidence

© Parliamentary copyright 2008	Prepared 19 June 2008