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with-profits fund
Term Definition Legal instruments

excluded assets


means, in relation to a with-profits fund, those assets which the firm has clearly identified in its policy documentation, PPFM, other policyholder communication or otherwise in accordance with any relevant provision of the FCA Handbook as:

(1) available to cover the firm’s liabilities arising from with-profits policies only in particular circumstances; and

(2) not forming part of that with-profits fund.