Separation of different with-profits business


The PRA expects firms to maintain, in respect of each with-profits fund, separate accounting records so as to enable the firm to satisfy all relevant requirements in relation to that fund and in particular, having regard to:

(a) the relevant FCA conduct rules in COBS 20;

(b) the PRA rules in respect of with-profits and surplus funds; and

(c) for Solvency II firms, the prudent person principle and the RFF requirements of Solvency II, and for non-Directive firms any PRA-designated rules in relevant prudential sourcebooks.