With-Profits - governanceSun Mar 01 00:00:00 GMT 2020
We’re committed to treating customers fairly and believe we should be completely transparent about how we manage our With-Profits business. The documents below show you how we manage your With-Profits investment and report our performance to you.
Principles and Practices of Financial Management
Our Principles and Practices of Financial Management (PPFM) detail how we manage your With-Profits investment.
We've updated our PPFM and the new version shown below will apply from 1 July 2020.
For more information about the changes we've made see our Questions and answers.
Consumer Friendly Principles and Practices of Financial Management
We also produce Consumer Friendly versions of our PPFM (the CFPPFM) depending on the category of your With-Profits investment. This provides information on how we manage your With-Profits investment that is specific to you. There are three types to choose from:
Annual Report to With-Profits policyholders
Each year we produce a report to With-Profits investors detailing the operation of our With-Profits business. This includes a statement from our directors stating whether or not we believe we've complied with our stated Principles and Practices of Financial Management.
With-Profits Committee terms of reference
The With-Profits Committee reviews the proposals of our management team and provides independent advice to the Board on the fair management of our With-Profits business. The document below provides details on their terms of reference.
Our annual return to the Prudential Regulation Authority (PRA)
We are required to publish annual regulatory returns to the Prudential Regulation Authority (PRA). Prior to the creation of the PRA (1 April 2013), our regulatory returns were submitted to the Financial Services Authority (FSA).