This final guidance sets our approach to reviewing insurance business transfers schemes under Part VII of the Financial Services and Markets Act 2000.
We consulted on this guidance in GC17/5 (PDF) and have updated it in response to the feedback we received.
While the Prudential Regulation Authority leads the Part VII process (particularly for specific regulatory functions such as providing certificates), we also have an active role. In particular, we have a right to be heard on applications to sanction a Part VII transfer and the views we give to the High Court are based on our assessment of the Part VII transfer against our own statutory objectives.
This guidance does not aim to explain all aspects of our role in the Part VII process or all of the issues that firms may need to consider. However, it does set out our key considerations and general expectations when reviewing a Part VII transfer.
Who this applies to
This guidance will be of interest to:
- insurance firms considering Part VII transfers and their professional advisers
- independent experts usually appointed by the applicants to report to the High Court on the terms of the scheme