Dual display of prices does not give rise to the same difficulty provided all transactions are in the same currency. The use of more decimal places is costly and, although it will reduce the value of the difference, it will not eliminate it. Dual display still possible. To adopt this solution it would help to secure agreement from government that early conversion is legitimate. Otherwise conversion would need to be at the end of the transition period and all unitised policies would have to be denominated in sterling until then.
Actions Recommend to industry either of the first two approaches.
Approach EPU about the possibility of converting early. The unit price has to be expressed in the base currency of the fund which is defined in the Trust Deed. FSA regulations do allow unit prices to be expressed in another currency provided the fund manager is convinced that the conversion is fair. The second price would be the converted value of the base currency price. Options Provide prices in currency of fund only other possible for dual display purposes.