Scottish Equitable Plc, Re

Scottish Equitable Plc, Re

The scheme constitutes a valid business transfer under Part VII FSMA, does not breach policyholders' human rights, provides adequate protection and notice, and is fair and appropriate for sanction given the independent expert's report and absence of regulatory objection.

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 Bamford; Objector: Mr Crowfoot; Objector: Mr Newell; Objector: Mr Henderson
Jurisdiction
England and Wales
Judgment Date
15 June 2017
Procedural Posture
Part 8 Claim / Final Judgment on Application for Sanction of Business Transfer Scheme
Outcome
Scheme sanctioned
Legal Topics
Business Transfer Scheme, Policyholder Protection, Court Sanction Under FSMA, Human Rights Compliance, Reinsurance Arrangements
Insurance Law Financial Services Law Business Transfer Scheme Policyholder Protection Court Sanction Under FSMA Human Rights Compliance Reinsurance Arrangements

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 Bamford

Objector

Mr Crowfoot

Objector

Mr Newell

Objector

Mr Henderson

Objector

Procedural Posture

Part 8 Claim / Final Judgment on Application for Sanction of Business Transfer Scheme

Legal Issues

  1. 1 Whether the proposed transfer constitutes a business transfer under Part VII FSMA
  2. 2 Whether the scheme breaches policyholders' human rights
  3. 3 Whether the scheme is fair and appropriate under Section 111 FSMA

Ratio Decidendi

The scheme constitutes a valid business transfer under Part VII FSMA, does not breach policyholders' human rights, provides adequate protection and notice, and is fair and appropriate for sanction given the independent expert's report and absence of regulatory objection.

Court Disposition

Scheme sanctioned

Orders

  • Business transfer scheme approved under Section 111 FSMA
  • Ancillary orders granted under Section 112 FSMA