Consumer Panel welcomes Treasury Select Committee investigation into re-attribution of inherited estates of with-profits funds

26 February

The Consumer Panel has welcomed today's Treasury Select Committee announcement of a new inquiry into the inherited estate held by life assurance companies’ with-profits endowment funds.

John Howard, Chairman of the Financial Services Consumer Panel said:

"The Panel has been very concerned about the operation of with-profits funds for some time and recently published the results of a comprehensive research project on the subject. The fair reattribution of an inherited estate of a with-profits fund is a particularly controversial undertaking. Considering the millions of policyholders affected, the large sums at stake and the intrinsically complex nature of these reattributions, the TSC inquiry is very welcome."

Notes to editors

1. The FSA established the independent Financial Services Consumer Panel in December 1998 to advise its Board on the interests and concerns of consumers and to report on the FSA’s performance in meeting its objectives. The Consumer Panel has statutory status.
   

2. The emphasis of the Panel’s work is on activities that are regulated by the FSA, although it may also look at the impact on consumers of activities outside but related to the FSA’s remit. More information about the Panel's work is available on this website.

3. The Consumer Panel brings together a wide range of relevant experience. This includes financial services regulation, working with vulnerable consumers, consumer protection, consumer education, front-line money advice, legal expertise, competition policy, public policy analysis, market research and media.

4. There are currently twelve members of the Panel as listed below (for further information on individual members, see the Panel's website – www.fs-cp.org.uk)

   John Howard (Chairman)
   Adam Phillips (Vice Chairman)
   Kay Blair
   Michael Chapman
   Stephen Crampton
   Caroline Gardner

   Jenny Hamilton
   Tony Hetherington
   Nick Lord
   David Metz
   Lindsey Rogerson
   Carol Stewart