The Role of Principles and Practices of Financial Management in the Governance of With-Profits UK Life Insurers

The Role of Principles and Practices of Financial Management in the Governance of With-Profits UK Life Insurers

1st Edition - May 28, 2009

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  • Authors: Ian Dewing, Peter Russell
  • eBook ISBN: 9780080963853

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Description

PPFMs have emerged as key internal and external governance documents for the management and regulation of with-profits funds as boards must ensure that financial management practices are in accordance with PPFMs. This book presents the results of the special corporate governance arrangements of financial services firms. Management accountants have a role not only in the development and operation of systems producing PPFM information but will also need to use PPFM information to understand and compare financial performance.

Key Features

• A significant contribution to the research literature on the regulation of the UK financial services industry and on the special corporate governance arrangements of financial services firms.
• A greater knowledge of the development, use and perceived efficacy of principles and practices of financial management (PPFMs) will enhance the understanding of management accounting and reporting at varying levels of complexity so enabling management accountants to use PPFM information to understand and compare financial performance.
• Enables Life Assurers to comply with the requirement by the Financial Services Authority to prepare and publish a document called 'Principles and Practices of Financial Management' which also has to be in a 'consumer friendly' version.

Readership

Management accountants and actuaries involved in the financial management of with-profits funds; directors of firms, including non-executive members of key board sub-committees; regulators; The Financial Reporting Council (FRC), trade and professional bodies, government and academics and others with an interest in corporate governance policy-making and implementation; accountants working in the financial services industry.

Table of Contents

  • Chapter 1: Introduction

    Chapter 2: Research Plan
    2.1 PPFMs and with-profits governance
    2.2 PPFMs and with-profits governance in practice
    2.3 Perceptions on PPFMs and the governance of with-profits funds

    Chapter 3: Findings – The role of PPFMs in the governance of with-profits funds
    3.1 Regulation and governance
    3.2 Life insurers
    3.3 With-profits review, emergence of PPFMs and governance of with-profits funds

    Chapter 4: Findings – PPFMs and corporate governance
    4.1 Internal governance – PPFMs and independent judgement
    4.2 External governance – reporting opinions on compliance with PPFM by boards and with-profits actuaries to policyholders
    4.2.1 Statement on compliance with PPFM
    4.2.2 Supporting report
    4.2.3 With-profits actuary's report
    4.3 FSA reviews of PPFMs, and of advice and communication with policyholders
    4.3.1 Reviews of PPFMs
    4.3.2 Reviews of advice and communication with policyholders

    Chapter 5: Findings - Interviews
    5.1 Internal governance – PPFMs and firms
    5.2 External governance – PPFMs and external users
    5.3 Benchmarking, cost allocation and PPFMs
    5.4 Overall governance

    Chapter 6: Conclusion
    6.1 Key findings
    6.2 Suggestions
    6.2.1 PPFMs and corporate governance
    6.2.2 PPFMs and management accounting
    6.2.3 PPFMs and regulation
    6.3 Wider implications

    References

Product details

  • No. of pages: 80
  • Language: English
  • Copyright: © CIMA Publishing 2009
  • Published: May 28, 2009
  • Imprint: CIMA Publishing
  • eBook ISBN: 9780080963853

About the Authors

Ian Dewing

Affiliations and Expertise

Senior Lecturer in Accounting, Norwich Business School

Peter Russell

Affiliations and Expertise

Senior Lecturer in Accounting, Norwich Business School

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