The High Court has approved the transfer of a portfolio of annuities from The Prudential Assurance Company Limited to Rothesay.
Huw Evans, Director General, Association of British Insurers, said:
“Important news today that the High Court has approved the transfer of a portfolio of annuities from The Prudential Assurance Company Limited to Rothesay. These transfers lead to good outcomes for customers as companies, such as Rothesay, specialise in looking after annuity customers, providing guaranteed income for life. This follows the Court of Appeal’s decision last year, which provided legal clarity and certainty to the process for the transfer of business under Part VII of the Financial Services and Markets Act 2000.
“The ABI took part in the appeal to explain the wider consequences for both customers and businesses if a range of speculative discretionary factors could override the view of independent experts and regulators that a transfer can proceed without any detriment to consumers.”