On 14 October 2014, the Prudential Regulation Authority in the UK (PRA) published a consultation paper on its approach to with-profits (WP) insurance business, proposing certain changes to existing WP rules in the UK. These include introduction of a rule requiring firms to clarify the structure of WP support arrangements, including any restrictions. Comments are invited until 14 January 2015. The PRA intends to publish a policy statement with feedback, finalised rules and a final supervisory statement early next year (with changes becoming effective from 1 January 2016). On 14 October 2014, the FCA published a feedback statement regarding its consultation paper on the transposition of Solvency II. This focuses mainly on the UK Conduct of Business sourcebook (COBS), including COBS rules regarding WP insurance business. In general, firms were supportive of the FCA’s proposals on changes to COBS 20 (which relates to WP business). Changes in relation to WP business proposed by the FCA included that (a) firms passporting into the UK should be required to provide WP policyholders with broadly equivalent information to that required of UK firms, (b) that part of the mandate of the WP committee (or other appropriate governance body) should be to consider the existence and scope of sub-funds and the availability of support assets.