The FCA has published FG18/4: The FCA’s approach to the review of Part VII insurance business transfers, which sets out the FCA’s key considerations and general expectations when reviewing a Part VII transfer application. The areas covered by the guidance include:
- factors and information requirements firms should consider before contacting the FCA
- documents that firms will be expected to provide in relation to the appointment of an Independent Expert
- the FCA’s overall approach and expectations when considering a proposed transfer
- requirements for the key Scheme documents
The FCA notes that while they will not insist that firms follow the approach set out in the guidance, they will be required to explain any divergence from applicable provisions of the guidance.