Looking after your interests
The Aviva With-Profits Committee exists to help Aviva look after your interests.
The Committee's role is to bring independent expertise and oversight to seek to ensure that Aviva is meeting its responsibility for treating with-profits policyholders fairly.
The With-Profits Committee's objectives
The Committee has five key objectives:
- To challenge Aviva to show that its decision making is fair to all of its with-profits customers, particularly where one group of customers is being treated differently from another.
- To check whether Aviva is keeping to its promises outlined in a document called the 'Principles and Practices of Financial Management (PPFM)'. This key document sets out Aviva's approach to investing and managing its with-profits funds – so, in short, the Committee checks that Aviva is doing what it has said it will do.
- To make sure that Aviva is being fair to our with-profits customers and is not favouring one group at the expense of the other.
- To help Aviva ensure that the communications it sends to its with-profits customers are clear and complete.
- To make sure that Aviva responds to any recommendations raised by the Committee. The Committee meets both the Financial Conduct Authority and the Prudential Regulation Authority at least once a year to discuss its work. If the Committee thinks that Aviva has not responded properly to one of its recommendations, it can tell the Financial Conduct Authority, so they can decide whether to intervene.
Who is on the Committee?
There are at least five Committee members - read about each of them here. The Committee’s chair and the majority of members are independent, which means they do not work for Aviva. All the members must have appropriate skills and be approved by the Financial Conduct Authority and the Prudential Regulation Authority, the bodies which regulate financial services companies.
How the Committee works
The Committee meets about eight times a year. It works closely with Aviva's With-Profits Actuary and with its Chief Actuary who both attend the Committee's meetings (these actuaries are qualified technical experts appointed to advise Aviva on the management of its With-Profits Funds and its life assurance business respectively). The Committee also has an independent actuarial adviser who provides an extra source of expertise on matters considered by the Committee.
The Committee sends the minutes of its meetings to Aviva's board. The Chair of the Committee also attends four company board meetings each year to discuss the Committee's work and any areas of concern or advice with the board.
The Committee and its members do not deal with individual policy queries.
Working with the Financial Conduct Authority and Prudential Regulation Authority
The Committee meets both the Financial Conduct Authority and the Prudential Regulation Authority at least once a year to discuss its work. If the Committee thinks that Aviva has not responded properly to one of its recommendations, it can tell the Financial Conduct Authority and the Prudential Regulation Authority, so they can decide whether to intervene.
In order to ensure that the Committee is carrying out its role effectively, it regularly reviews its own ways of working to identify improvements which can better reflect your interests.
Terms of reference
View the Committee's terms of reference
Contact the With-Profits Committee
If you want to contact the Committee regarding any general with-profit issues you can email us at email@example.com.
Please contact Aviva if you have any individual policy queries.