With Profits  

FCA raises concerns about with-profits governance

But the amounts invested in with-profits funds has fallen as fewer individuals are interested in investing in these funds for their private pension, with total with-profits assets falling from £426bn in 2001 to £296bn in 2015.

The FCA said: "With-profits business continues to be of decreasing importance to many firms, as it is mainly legacy business in run-off. This can lead to a lack of management attention focused on with-profits customer outcomes."

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amy.austin@ft.com