From 31 December 2005 the FSA implemented new rules that require all providers to produce client friendly information explaining how with profits investments are managed.
Standard Life publishes documents called Principles and Practices of Financial Management for the Heritage With Profits Fund and Principles and Practices of Financial Management for the UK Smoothed Managed With Profits Fund (our PPFM). These documents explain how our with profits business is managed, but these are complex documents, written with a more technical audience in mind.
From 31 December 2005, a booklet called Understanding With Profits was sent out with the annual statements that were issued to with profits clients. Following demutualisation, an updated version of the booklet was sent out between June 2006 and June 2007 with the annual statements that were issued to with profits clients.
This booklet provides both you and your clients with a summary of the main points from our PPFM relevant to each type of plan in an easy-to-read format. The relevant booklet is also issued with Key Features documents where with profits is an investment option.
There is a range of booklets covering all types of with profits plans. Your clients will receive the booklet that is specific to their plan.
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