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Release date: 22 April 2005
This report has been prepared by the Board of London Life Ltd and covers the period 30 April 2004 to 31 December 2004.
London Life Ltd published its Principles and Practices of Financial Management on 30 April 2004. On 1 November 2004, London Life altered Practices in relation to investment strategy for certain Participation Pools within the with-profits fund. Furthermore, the London Life Ltd Board declared the Special Reserve Account irrecoverable. The Principles and Practices of Financial Management were subsequently republished taking account of these alterations to Practices.
During this reporting period there were no changes to any of the Principles within the Principles and Practices of Financial Management.
The Board confirms that in the period covered by this report:
- In its opinion the with-profits fund has been managed in accordance with the Principles and Practices of Financial Management dated 30 April 2004 and amended with effect from 1 November 2004 as set out above.
Furthermore the Board believes that:
- All significant discretionary actions described in the Principles and Practices of Financial Management have been appropriately exercised.
- There have been no material conflicts of interest between the with-profits fund and other funds or sub-funds of the company or between groups of policyholders within the with-profits fund.
The London Life With-Profits Committee has been appointed by the Board and includes individuals otherwise unconnected with London Life Ltd to ensure that the governance arrangements include some independent judgment in the assessment of compliance with the Principles and Practices of Financial Management. The London Life With-Profits Committee has reviewed this report and supports the statements made.
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