Hi
I am currently reading the FSA paper titled "Mutuality and with-profit funds: a way forward".
Under the section on 'Who should read this paper' it states:
" ...
With-profit policyholders in mutual with-profits funds, whether or not they are members of the mutual that owns the fund, may find themselves affected.
... "
Can someone explain to me (with examples) under what circumstances the policyholders will not be members of the mutual that owns the fund?
I am currently reading the FSA paper titled "Mutuality and with-profit funds: a way forward".
Under the section on 'Who should read this paper' it states:
" ...
With-profit policyholders in mutual with-profits funds, whether or not they are members of the mutual that owns the fund, may find themselves affected.
... "
Can someone explain to me (with examples) under what circumstances the policyholders will not be members of the mutual that owns the fund?