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Press Release

FSA decision means 5 million savers lose out, says Which?

13 December 2007

As the Financial Services Authority (FSA) announces a major decision affecting how much savers receive from the £14 billion surplus in with-profits funds at Prudential and Norwich Union, Peter Vicary-Smith, Chief Executive, Which?, comments:

“This is the worst possible advert for the insurance industry at a time when confidence in the financial services industry is at an all-time low.

“The FSA has once again failed to address the needs of policyholders and sided with those it is meant to regulate.

“Their decision to allow money in inherited estates to be used to subsidise new business or pay shareholder tax bills will result in five million Norwich Union and Prudential policyholders losing out on thousands of pounds each.

“Instead of treating customers fairly, Norwich Union and Prudential are trying to get away with a smash and grab raid on billions of pounds that should go to policyholders. Their shareholders must think that Christmas has come early.

“In the light of today’s decision, we will be exploring all legal avenues open to us that may help to protect policyholders."



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