Principles and Practices of Financial Management
In order to manage discretionary participation business, long-term insurers must use their discretion in managing investments and allocating bonuses.
Directive 147.A.i (LT) issued by the Financial Sector Conduct Authority requires insurers to define, and make publicly available, the Principles and Practices of Financial Management (PPFM) that are applied in the management of their discretionary participation funds. It should be noted, however, that a PPFM is neither a comprehensive explanation of the management of the discretionary participation business nor of every matter that may affect a particular policy contract.
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