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Home > Prudential Regulation Authority > Mutuality and with-profits funds: a way forward - SS1/14 UPDATED
 

Mutuality and with-profits funds: a way forward - SS1/14 UPDATED

28 March 2014
20 November 2015 - Content on this page has been updated see:
 
 
For information only, the original publication issued on 28 March 2014 is available below.
 
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.

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.
Supervisory statement
 
 
The Financial Conduct Authority has also issued a publication that sets out its policy in relation to a CP12/38 Mutuality and with-profits funds: a way forward (see External Links).
 
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