Dominic Lindley: With-profits funds are another example of failed FCA regulation. The FCA required with-profits funds to set up what it called with-profits committees to provide some kind of independent judgment. Of course those with-profits committees could include people from the insurer executives, including executives from other insurers. The FCA is really repeating those mistakes when requiring contract-based companies to set up so-called independent governance committees. The FCA really has not learned its lesson from with-profits funds. The other issue is that the FCA allowed proprietary companies to raid the with-profits funds to pay compensation when the company mis-sold a policy.