The aim of the study was to understand how firms as well as stakeholders and regulators were using PPFMs and at the same time assess whether PPFMs have contributed to the overall corporate governance of with-profits funds.

The main research questions were defined as follows: 

• What is the role of PPFMs in the corporate governance arrangements of firms’ with-profits funds?
• How have PPFMs affected the internal management and oversight of firms’ with-profits funds? 
• How have PPFMs affected the external oversight of firms’ with-profits funds? 
• How are PPFMs used, or how might PPFMs be used, for benchmarking? 
• What has been the overall effect on the corporate governance of firms’ with-profits funds of the FSA’s reforms to the supervision of life insurers?