Phoenix Life Assurance Ltd, Re (Re Financial Services and Markets Act 2000) [2023] EWHC 2612 (Ch) (19 October 2023)

Phoenix Life Assurance Ltd, Re (Re Financial Services and Markets Act 2000) [2023] EWHC 2612 (Ch) (19 October 2023)

The scheme satisfies all statutory preconditions for sanction under FSMA 2000, including regulatory and independent expert approvals. The court is not persuaded that the scheme will have a material adverse effect on policyholders or other stakeholders. Technical objections raised by objectors do not reveal flaws or defective reasoning in the independent expert's analysis. The court exercises its discretion to sanction the scheme as appropriate in all the circumstances.

Citation
[2023] EWHC 2612 (Ch)
Parties
Claimant: Phoenix Life Assurance Limited; Claimant: Standard Life Assurance Limited; Claimant: Standard Life Pension Funds Limited; Claimant: Phoenix Life Limited; Interested Party: Prudential Regulation Authority; Interested Party: Financial Conduct Authority; Objector (policyholder): Mr Roland Baker; Objector (policyholder): Mr Mick McAteer; Objector (policyholder): Mr Peter Bloxham; Objector (policyholder's Spouse): Dr Dean Buckner; Objector (policyholder): Mr Eric Marshall
Jurisdiction
England and Wales
Judgment Date
19 October 2023
Procedural Posture
Part 8 Claim (insurance Business Transfer Scheme) / Final Hearing and Judgment on Sanction of Scheme
Outcome
Scheme sanctioned
Legal Topics
Insurance Business Transfer, Part 7 FSMA Schemes, Solvency II Regime, Policyholder Protection, Court's Discretion in Sanctioning Schemes
Financial Services Law Insurance Law Company Law Insurance Business Transfer Part 7 FSMA Schemes Solvency II Regime Policyholder Protection Court's Discretion in Sanctioning Schemes

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Parties

Phoenix Life Assurance Limited

Claimant

Standard Life Assurance Limited

Claimant

Standard Life Pension Funds Limited

Claimant

Phoenix Life Limited

Claimant

Prudential Regulation Authority

Interested Party

Financial Conduct Authority

Interested Party

Mr Roland Baker

Objector (policyholder)

Mr Mick McAteer

Objector (policyholder)

Mr Peter Bloxham

Objector (policyholder)

Dr Dean Buckner

Objector (policyholder's Spouse)

Mr Eric Marshall

Objector (policyholder)

Procedural Posture

Part 8 Claim (insurance Business Transfer Scheme) / Final Hearing and Judgment on Sanction of Scheme

Legal Issues

  1. 1 Whether the proposed insurance business transfer scheme satisfies the statutory preconditions for court sanction under FSMA 2000
  2. 2 Whether the scheme would have a material adverse effect on policyholders or other stakeholders
  3. 3 Whether the court should exercise its discretion to sanction the scheme in all the circumstances

Ratio Decidendi

The scheme satisfies all statutory preconditions for sanction under FSMA 2000, including regulatory and independent expert approvals. The court is not persuaded that the scheme will have a material adverse effect on policyholders or other stakeholders. Technical objections raised by objectors do not reveal flaws or defective reasoning in the independent expert's analysis. The court exercises its discretion to sanction the scheme as appropriate in all the circumstances.

Court Disposition

Scheme sanctioned

Orders

  • Order under s111(1) FSMA sanctioning the insurance business transfer scheme transferring the entire insurance businesses of PLAL, SLAL, and SLPF to Phoenix Life Limited.
  • Ancillary orders under s112 FSMA, including variation of previous insurance business transfer schemes as necessary.