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I like everyone else on here am not a fan of the FSC but in this instance I think they are right. The other comments on here talk about legacy products offering better cover/features than current one's - I've never come across an old life product that is anywhere near comparable to what is offered these days. Whole of life policies, endowment products, children's saving plans....all of these products are rubbish but the problem is they often include a huge exit fee that prevents people moving out of them. If it truly is government regulation that is holding up the winding up of these products then that's very frustrating, particularly for the policyholders......although you can't take what the FSC say on face value can you.