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."

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