Distribution of Life Assurance and Investment Products: The Scottish Mutual Life Assurance Industry

The Financial Services Act (FSA) has had a major impact on the distribution strategies of life assurance companies in Britain. In particular it has led to a shift away from reliance on a single independent channel of distribution, towards a multi‐channel approach with the life company exerting direct control over the distribution process. The Scottish‐based mutual life companies faced particular difficulties in responding to the changed environment because of the particular characteristics of these offices. Examines the particular responses of the Scottish mutual life companies to the FSA.