The Association of British Insurers has today put forward proposals to increase transparency in how inherited estates are handled, and to give policyholders greater confidence that their interests are safeguarded.

Responding to the Financial Services Authority’s Issues Paper on inherited estates, ABI supports proposals for the introduction of a policyholder advocate. The role of the advocate would be to ensure that the interests of all policyholders are fully taken into account in any decisions made on the attribution of inherited estates.

Alan Woods, ABI’s Head of Life Insurance and Pensions, said:

“ We welcome this further step in the review of with profits. While there are already safeguards to ensure that policyholders are treated fairly in the handling of inherited estates, ABI backs further steps to ensure that policyholders have full confidence in the process. In particular we support the idea of the introduction of a policyholder advocate, and look forward to developing this idea with the FSA and other interested parties”

Notes

1. Enquiries to: Malcolm Tarling - 020 7216 7410 (mobile 07776 147667)
   
   
2. Copy of ABI response available on request.