THE ASK

How can we complete a complex Part VII Transfer whilst protecting policyholder interests and meeting regulatory expectations?

Our client needed to combine four UK life insurance companies into a single entity through a Part VII Transfer under the Financial Services and Markets Act 2000. The transfer involved multiple heritage funds, a diverse policyholder base and complex considerations around benefits, security, governance and ongoing service standards. Independent expert opinion was required to demonstrate to the Board, PRA, FCA and High Court that no group of policyholders would be materially adversely affected.

THE APPROACH

Providing independent actuarial expertise and assurance throughout the transfer process

We acted as the Independent Expert throughout the transfer, combining deep actuarial and prudential expertise with structured project management. We assessed policyholder impact across a range of reasonably likely scenarios, reviewed security of benefits, benefit expectations, service standards and governance arrangements, and produced the scheme and supplementary reports required for regulatory and court review. We worked closely with the client, advisers and regulators throughout the process to support a robust and transparent assessment.

THE OUTCOME

A successful transfer supported by independent assurance and regulatory confidence

The Part VII Transfer was approved by the High Court and successfully completed with policyholder interests demonstrably protected. Our Independent Expert reports provided the Board, regulators and court with the assurance required to sanction the scheme, supporting a smooth transition into the combined entity.