For the last ten years the Prudential have been under pressure to access the surplus cash in its with profits fund and to find a way in which it can free up its £9billion orphan assets. It has been suggested that the Financial Services Authority have been applying some pressure for the Prudential to resolve this matter.
Prudential have refused to comment on this. However, it is now understood that progress on this may be in the offering, but the appointment of a policyholder advocate.
Our view
This is a huge sum of money and as ever, our view is that there is no reason why a central cross-reference database of the police, Department for Work and Pensions and the HM Revenue and Customs could not trace the last whereabouts of a policyholder. If they cannot be found then the fund should be distributed to benefit others. It cannot sit there forever.