We are consulting on our approach to reviewing insurance business transfers schemes under Part VII of the Financial Services and Markets Act 2000.
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 consultation 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.
This guidance will be of interest to:
Please send us your comments by 15 August 2017:
You can send your response in the following ways:
We make all responses to formal consultations available for public inspection unless the respondent requests otherwise. We will not regard a standard confidentiality statement in an email message as a request for non-disclosure.
We will carefully consider your feedback to this consultation and issue a response in Autumn 2017.