insurance business transfer

The Financial Conduct Authority (FCA) has published revised guidance on its approach to insurance business transfers under Part VII of the Financial Services and Markets Act 2000. The publication of the final guidance follows a consultation launched in July 2021.

The revised guidance (FG22/1) replaces previous guidance (FG18/4) first published in May 2018.

The Prudential Regulation Authority (PRA) has published a final policy statement on insurance business transfers (PS1/22). The policy statement  follows a consultation that took place last year (CP16/21). A Statement of Policy has also been published entitled ‘The PRA’s approach to insurance business transfers’. The Statement of Policy takes effect from 12 January