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Select Committee on Treasury Minutes of Evidence

Examination of Witnesses (Questions 380 - 383)



  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.

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