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Since April 2004 the Financial Services Authority has required all insurance firms to set out the way in which they run their with-profits funds in a document called the Principles and Practices of Financial Management (PPFM).
When you invest in a with-profits policy, you are entrusting your money to the present and future financial management performance of the company with who you invest. The Principles cover the company's high-level approach to the management of with-profits investments. The Practices describe in greater detail how the Principles are applied.
All of Countrywide Assured’s with-profits business is re-assured to Guardian Assurance plc ("Guardian"). Under the reassurance arrangements, Guardian make all decisions regarding bonus declarations, fund investment policy and surrender values (including Market Level Adjustments) although the policies are administered by us and we retain ultimate responsibility for the provision of the benefits under our policy with you.
The PPFMs are very comprehensive as they are designed to provide the necessary information for advisers and the Financial Services Authority to appraise the management of a with profits-fund. In line with FSA requirements we have introduced three “consumer friendly” versions of the PPFM (CFPPFM).
The PPFM and Consumer Friendly PPFM, are prepared by Guardian, and as a result make reference to policies issued by Guardian. Please refer to the table below to identify which Guardian policy is the equivalent of your own Countrywide Assured policy and select the appropriate link to view the relevant document:
| Countrywide Assured Policy Type |
Equivalent Guardian Policy |
|
| Asset or Treasury |
Traditional Life Assurance |
 |
| Privilege (With-profit plans with a guaranteed pension) |
Versatile Individual Pension Plan |
 |
| Privilege II (Unitised with-profit pension plan) |
Choices Unitised With profits |
This document will soon be made available on this website. Please revisit this page in the near future. |
Guardian have also produced an annual report detailing how they have complied with the PPFM, Guardian Directors report to policyholders.
This report is supplemented by our own report, which will comment on Guardian’s compliance with the PPFM from the standpoint of the Countrywide reassured business. |
