Financial secretary Ruth Kelly told MPs that she had asked the standard-setter ‘to initiate a study into the accounting for with-profits business by life insurers’.
Delivering her statement on Penrose, she said: ‘The study will have particular emphasis on identifying ways of improving the transparency of reporting.’
Kelly also announced that Paul Myners will lead a review into the corporate governance arrangements applicable to mutual life offices in comparison with that for companies and review the level of regulation of mutuals by the FSA.
She said: ‘The government sees no reason in principle why boards of mutual life offices should not be as accountable to their members as those of comparable companies are to their shareholders.’
A third ‘wide ranging review’ will be carried out into the actuarial profession – whose lack of professional standards came in for savage criticism from Penrose.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Just one half of UK practices have implemented a pricing structure around auto enrolment implementation and advice - with many suffering increased costs
Deloitte's north-west Europe foray; BDO, Smith & Williamson investment paths; Shelley Stock Hutter; and Wilkins Kennedy discussed by editor Kevin Reed on our Friday Afternoon Live broadcast
Accountants should alter their perspective on auto-enrolment to maximise business opportunities, according to Eric Clapton.