First published on 28 March 2014
Background
This supervisory statement sets out Prudential Regulation Authority (PRA) policy in relation to a consultation originally published in December 2012 by the Financial Services Authority (FSA): CP12/38 Mutuality and with-profits funds: a way forward. It is relevant for all mutual insurance firms and friendly societies writing new with-profits business or with existing books of with-profits business and provides a response to comments received pertaining to the PRA’s areas of interest in this consultation.
This supervisory statement sets out Prudential Regulation Authority (PRA) policy in relation to a consultation originally published in December 2012 by the Financial Services Authority (FSA): CP12/38 Mutuality and with-profits funds: a way forward. It is relevant for all mutual insurance firms and friendly societies writing new with-profits business or with existing books of with-profits business and provides a response to comments received pertaining to the PRA’s areas of interest in this consultation.
The statement covers the:
- background and substance of the proposals in CP12/38;
- change in the regulatory landscape since December 2012 when CP12/38 was issued; and
- PRA’s expectations regarding the with-profits mutual waiver process.