Questions & Answers
What is the transfer process?
- appointing an Independent Expert, approved by the Prudential Regulation Authority, in consultation with the Financial Conduct Authority, to consider policyholders’ interests. This expert will prepare a report to the court on our proposals. Read a summary of his report or read his full report.
- consulting closely with the Financial Conduct Authority, the Prudential Regulation Authority and the Central Bank of Ireland;
- the approval of the boards of Aviva Life & Pensions UK Limited and Friends First Life Assurance Company dac; and
- final approval by the court at a hearing in London. At this hearing, the court will consider reports from the Independent Expert, the Prudential Regulation Authority, the Financial Conduct Authority and any objections raised by policyholders or others with an interest in the transfer.
Why is there a court hearing?
The transfer process for the UK insurance industry is governed by Part VII of the Financial Services and Markets Act 2000. This says that a court must agree to the transfer.
Why is the court hearing in London?
As your policy is with Aviva Life & Pensions UK Limited (a company registered in England), the court hearing will be in London.
Will there be a different process and court hearing for policyholders not based in the UK?
Policyholders not based in the UK are subject to the decision made at the court hearing in London.
How will I find out if the court has approved the proposed transfer?
We’ll publish the outcome of the court hearing on this website. We’ll also publish any notice of transfer in European newspapers as required by the relevant regulators
What happens if the court doesn’t approve the proposed transfer?
We would assess the reasons the court has given for not approving the transfer and develop a new plan. We’d let you know as soon as possible about any new proposals and how they may affect you.