Context
The FCA has set out its updated expectations on the steps for firms to take to make sure conduct issues are properly considered in Part VII transfers.
Key points to note
The FCA is updating its Finalised Guidance FG18/4: The FCA’s approach to the review of Part VII insurance business transfers. This is because certain stakeholders have requested clarity on certain points, and because the regulatory landscape has changed following the UK’s exit from the EU.
- This guidance is designed to help with both the process and considerations of a Part VII transfer.
- It aims to give examples of comments the FCA has made or are likely to make to applicants and independent experts about their submissions on proposed Part VII transfers.
- The FCA hopes that this will help Applicants draft their proposals in ways that minimise challenge from the FCA and lead to a more efficient review process.
Next actions
None – for information and awareness.