Part VII Insurance Business Transfer Expertise

All aspects of the Part VII FSMA 2000 (Financial Services & Markets Act) process have been covered including the subsequent capital reduction of transferors and holding companies. Roles have encompassed :

• Consultancy on project design, structure, planning, corporate governance and quality assurance
• Project and programme management of the design, structure, planning and delivery of the entire project as well as individual workstreams (including all technical, communications and operational requirements)

Technical and Functional areas managed include:

• Actuarial - Scheme structure / report production / Independent Expert liaison / policyholder response & objection management / reassurance
• Legal - Scheme development / regulatory compliance / court process / witness statement production / 3rd party contracts
• Tax - Corporate & policyholder aspects (e.g. tax clearances as well as operational impact)
• Regulatory - FSA, EEA & US Regulator requirements & liaison
• Policyholder & Customer Services - policyholder mailing / response management / press & website notices
• Company Secretarial - Board meetings / capital reductions / name change / liquidation
• Finance - Operational change / reporting / capital reductions / liquidation
• Investments - asset movements / operational change (e.g. custodian / stamp duty / Capital Gains Tax impact)
• IT systems - operational impact

In addition to the above Part VII areas, Annuity portfolio transfers have also covered:

• Implementation of Portfolio Sale & Reassurance Agreement - reassurance accounting, investment transfers, operational & management reporting changes required
• Data migration following Part VII transfer

In each case, close liaison and management of both internal resources and external suppliers has been required. Key relationships managed cover all of the following:

• Board Directors & Senior Management
• Project Team Resources
• Professional Advisors - Lawyers / Actuaries / Tax Advisors / Accountants / Auditors
• Service Providers - Outsourcers / Print Broker & Mailing Houses / Press & Advertising Agencies

Business types have covered both insurance & reinsurance run-off, with-profit / non-profit and life / pensions portfolios. Scheme Effective Dates have been at various dates as well as at the financial year-end.

Projects have ranged significantly in scale and duration as follows :