Aviva, the UK’s biggest life assurer, on Wednesday criticised consumer champion Clare Spottiswoode and accused the policyholder advocate of unfairly delaying the reattribution of the £5.2bn surplus from its with-profits funds to policyholders.

The criticism came in response to Ms Spottiswoode’s decision to approach both the Financial Services Authority and the Treasury select committee about the permitted uses of the “inherited estate”, the pot of money that has built up in the with-profits funds over decades that Aviva does not need to meet its obligations to policyholders.