Scottish Equitable Plc, Re [2017] EWHC 1439 (Ch) (15 June 2017)

Scottish Equitable Plc, Re [2017] EWHC 1439 (Ch) (15 June 2017)

The scheme constitutes a valid business transfer under Part VII FSMA, does not materially adversely affect policyholders, complies with regulatory and procedural requirements, and is objectively appropriate for sanction. Objections raised do not warrant refusal or modification of the scheme.

Citation
[2017] EWHC 1439 (Ch)
Parties
Applicant: Scottish Equitable Plc; Applicant: Rothesay Life Plc; Regulator: Prudential Regulation Authority; Regulator: Financial Conduct Authority; Objector: Mr Bethell-Jones; Objector: Miss Hutchins; Objector: Mr Henderson; Objector: Mr Bamford; Objector: Mr Crowfoot; Objector: Mr Newell
Jurisdiction
England and Wales
Judgment Date
15 June 2017
Procedural Posture
Part 8 Claim (business Transfer Scheme Sanction) / Final Judgment and Sanction Order
Outcome
Scheme sanctioned; application approved.
Legal Topics
Business Transfer Scheme, Insurance Business Transfer, Policyholder Protection, Human Rights Act Compliance, Court Sanction Under FSMA S.111
Financial Services Insurance Law Company Law Business Transfer Scheme Insurance Business Transfer Policyholder Protection Human Rights Act Compliance Court Sanction Under FSMA S.111

Case Brief

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Parties

Scottish Equitable Plc

Applicant

Rothesay Life Plc

Applicant

Prudential Regulation Authority

Regulator

Financial Conduct Authority

Regulator

Mr Bethell-Jones

Objector

Miss Hutchins

Objector

Mr Henderson

Objector

Mr Bamford

Objector

Mr Crowfoot

Objector

Mr Newell

Objector

Procedural Posture

Part 8 Claim (business Transfer Scheme Sanction) / Final Judgment and Sanction Order

Legal Issues

  1. 1 Whether the proposed transfer constitutes a business transfer under Part VII FSMA
  2. 2 Whether the scheme adversely affects policyholders
  3. 3 Whether the scheme breaches Human Rights Act 1998

Ratio Decidendi

The scheme constitutes a valid business transfer under Part VII FSMA, does not materially adversely affect policyholders, complies with regulatory and procedural requirements, and is objectively appropriate for sanction. Objections raised do not warrant refusal or modification of the scheme.

Court Disposition

Scheme sanctioned; application approved.

Orders

  • Sanction of business transfer scheme under Section 111 FSMA
  • Ancillary orders under Section 112 FSMA