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Our principles and practices
Principles and practices of financial management
With-profits policies
Principles and Practices of Financial Management (PPFMs) are documents that set out how companies manage their with-profits funds and the with-profits parts of with-profits policies.
Financial Services Authority (FSA) regulations require all companies that have a with-profits fund to produce such a document. We use our PPFM as part of the overall governance of our with-profits business.
Our PPFM applies to with-profits policies that were either:
- bought after 3 March 2000 through a Lloyds TSB branch or a Lloyds TSB financial adviser
- or bought at any time in any other way, such as through a financial adviser or directly from Scottish Widows
Did you buy before 3 March 2000?
If you bought a with-profits policy on or before 3 March 2000 through a Lloyds TSB branch or a Lloyds TSB financial adviser, you should have received a letter in 2004 explaining how your with-profits policy would operate in the future. You can view an example of the with-profits letter here.
A summary of the PPFM
The PPFM is a fairly lengthy technical document. We have summarised it to help you better understand how we manage our with-profits business. This summary is called Your guide to with-profits.
The Scottish Widows PPFM in more detail
You can find out more about the Scottish Widows PPFM here.
