Examination of Witnesses (Questions 380
TUESDAY 9 OCTOBER 2007
Q380 Chairman: You are going to have
a letter on your desk from me on that.
Mr Sants: I have had a briefing
on that and I think it should be looked at. I will have to send
you a letter. To be frank, I have been looking at some other things
but I will come back to you.
Q381 Chairman: We understand that.
Could I finally quickly ask you about inherited estate. How important
on the list of FSA priorities is the £14 billion up for reattribution
in the Prudential and Norwich Union with-profit funds?
Mr Sants: Very important, and
indeed I did write on this very subject only yesterday to convene
further meetings and discussions on these issues.
Q382 Chairman: Do you accept that
policy holders would be dismayed if the outcome of either of these
two reattributions left them as badly off as the AXA policy holders?
Mr Sants: I think there are some
serious questions to be addressed and we are in the middle of
doing that and, as I say, I yesterday indicated that I wished
to take a direct personal interest in the matter and I will happily
return to the Committee with the conclusions I draw.
Q383 Chairman: Are you confident
that your rules changes mean that this will not happen?
Mr Sants: I think that is an issue
to be looked at.
Chairman: I will tell you what, we will
write to you on that as well and if we can get an answer on that
that would be very helpful. Sir Callum, Hector Sants, thank you
very much for your evidence this morning. We will be having you
back on the Annual Report questions, and no doubt we could have
you back on this issue, but thank you very much for your answers.