Legal & General Group Plc - Response to today's press statements on potential FCA review
Legal & General notes media speculation about the FCA's potential review of the charging basis for legacy back books. We expect further, official clarification from the FCA when it publishes its business plan, and in view of today's disorderly market we are requesting that the FCA bring forward the publication of the plan.
We have a strong and substantive commitment to treating our customers fairly and offering low-charging, good value products.
Legal & General does not outsource customer administration: our customers benefit from the continuity of a single product and service provider. Our operating practices ensure we provide good value to our customers, and we have operated a programme of ongoing product reviews for more than 10 years. We focus on high standards in governance: management of our with profits fund is subject to independent scrutiny from the With Profits Actuary and the With Profits Independent Person.
We therefore look forward with confidence to working with the FCA once it issues official guidance about the potential review.
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For further information, please contact:
Investor Relations |
Bernie Hickman Ian Baker |
+44 (0)20 3124 2043 +44 (0)20 3124 2047 |
Media Relations |
John Godfrey Richard King |
+44 (0)20 3124 2090 +44 (0)20 3124 2095 |
Forward looking statements
This announcement may contain certain forward-looking statements relating to Legal & General, its plans and its current goals and expectations relating to future financial condition, performance and results. By their nature, forward-looking statements involve uncertainty because they relate to future events and circumstances which are beyond Legal & General's control, including, among others, UK domestic and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory and Governmental authorities, the impact of competition, the timing impact of these events and other uncertainties of future acquisition or combinations within relevant industries. As a result, Legal & General's actual future condition, performance and results may differ materially from the plans, goals and expectations set out in these forward-looking statements and persons reading this announcement should not place reliance on forward-looking statements. These forward-looking statements are made only as at the date on which such statements are made and Legal & General Group Plc does not undertake to update forward-looking statements contained in this announcement or any other forward-looking statement it may make.
