Our principles and practices

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 Conduct Authority (FCA) 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
  • bought at any time in any other way, such as through a financial adviser or directly from Scottish Widows

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.

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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