FCA has published an updated version of its guidance on how it approaches a review of Part VII insurance business transfers. The update, which FCA consulted on last July, gives clarity on some points, and has been updated to reflect the post-Brexit regulatory landscape. FCA says it was pleased in the improvement in quality of submissions after it published its original guidance. Hopefully the updated guidance will address the questions on which stakeholders had asked for clarity.
The guidance covers:
- factors firms should consider before contacting the FCA and what it will need to see before any pre-application meeting;
- the documents firms should produce to enable FCA to give its non-objection to the PRA’s approval of an independent expert;
- FCA’s overall approach and expectations and the key aspects it will consider when it is reviewing the proposal;
- detailed information and examples of what it will look for in key documentation; and
- examples and factors for firms to consider if they are thinking of applying for dispensations from certain requirements.