The insurance industry has failed around eight million customers who are caught in closed or quasi with-profits funds, a leading UK financial body has claimed.

The Financial Services Consumer Panel (FSCP) says that policyholders on these accounts can no longer get advice on whether it is better to transfer their money out of such accounts or keep funds in them.

Around £140 billion is invested in these so-called zombie products - and suspicions exist that insurers are putting the interests of shareholders ahead of those of their policy-holders. The FSA says that the majority of investors cannot afford advice and are given a selection of baffling documents when they try to get information from their insurer.

"These are complicated products that consumers had little chance of understanding. They feel locked in by what they see as penalty charges, and the so-called independent committees meant to protect them are often packed with company men," John Howard, chairman of the FSCP, commented.

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