The FSA has again let down with-profits policyholders, says Which?

As the Treasury Committee publishes the FSA's response to the inherited estate report, Which? chief executive, Peter Vicary-Smith, says: "Policyholders needed prompt action but the FSA has let them down. How much more talking and information gathering does the FSA need to do before they realise that these people deserve a fair deal?

"With-profits policyholders are being hit by a double whammy - they are seeing returns and bonuses plummet whilst soaring transfer penalties act to trap them in the funds.

"There is an urgent need to improve the governance of these funds and to make sure they are run in the best interests of policyholders."