The Transfer is being implemented through a scheme under Part VII of the Financial Services and Markets Act 2000 (Scheme).
This page is for Countrywide Assured policyholders only. A separate page is available for CASLP policyholders here: sanlamlifeandpensions.co.uk/important-information-about-caslp/.
Update - the Court hearing has been re-scheduled
CASLP and Countrywide Assured have re-scheduled the hearing at which the Court will consider whether to approve the Transfer.
The Court hearing will now take place on 21 December 2023 (previously arranged for 29 November 2023).
As before, subject to approval by the Court, it is expected that the Transfer will take place on 31 December 2023.
Any further updates in relation to the Court hearing will be announced on this web page.
What is happening?
CASLP and Countrywide Assured have applied to the High Court of Justice of England and Wales (Court) for permission to transfer the business of CASLP (including all CASLP policies) to Countrywide Assured.
The Transfer involves following legal procedures and submitting detailed documents to the Court. The documents submitted to the Court will be reviewed by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), the industry regulators. The Court will only approve the Scheme if it considers it is appropriate taking account of the effect on policyholders of CASLP and Countrywide Assured.
The Court will consider whether to approve the proposed transfer on 21 December 2023 at the High Court, 7 Rolls Buildings, Fetter Lane, London. Any updates in relation to the Court hearing will be announced on this web page. Subject to Court approval, it is expected that the Transfer will take place on 31 December 2023.
An independent expert (Stephen Makin, a Fellow of the Institute and Faculty of Actuaries) (Independent Expert), has been appointed to provide a report to the Court on the likely effects of the Scheme on the policyholders of CASLP and Countrywide Assured.
The Independent Expert has concluded that, in his opinion, the Scheme is:
- not expected to have a material adverse effect on the benefit security of any group of Countrywide Assured's policies;
- not expected to have a material adverse effect on the benefit expectations of any group of Countrywide Assured's policyholders; and
- not expected to result in any changes to the standards of service for, or the management and governance of, any group of Countrywide Assured's policies.
Since the proposed date for the Transfer is 31 December 2023, the Independent Expert will prepare an updated supplementary report to reflect any material changes that could affect the conclusions in his original report. The supplementary report will be uploaded to this page when it is available.
What effect will the Scheme have on me?
The Scheme will not change the way your policies are managed and the terms and conditions of your policies will not change. No Countrywide Assured policies will move as a result of the Scheme.
Security for your policy will be maintained. The Countrywide Assured capital management policy will not change as a result of the Scheme and will provide security to both existing and transferring policyholders. The capital management policy supports Countrywide Assured's objective to hold sufficient levels of capital to safeguard the interests of policyholders.
The Scheme will not change the way in which Countrywide Assured manages its unit-linked business. It will not change the charges applying to the unit-linked business or the range of unit-linked funds available to policyholders.
The premiums payable and benefits due under the majority of non-linked policies are set out in the policy terms and conditions, which will not be altered by the Scheme. Where Countrywide Assured has discretion over future premiums, benefits and charges, the Scheme will not change the way in which management apply such discretion.
No business will be transferred into Countrywide Assured's with-profits funds. The Scheme will not change the way in which Countrywide Assured manages its with-profits business or the capital support arrangements of the with-profits funds.
What should I do next?
You can review information regarding the Transfer on this page. You do not need to take any action to maintain your policy.
If you represent someone, or if there is anyone else, with an interest in, or entitlement to, the benefits under your policy, please make them aware of these proposals as soon as possible.
If you have any questions unanswered by the information on this page, please write to us at:
Part VII Team
One Temple Quay
1 Temple Back East
Bristol, England, BS1 6DZ
Alternatively, you may also get in touch by email at email@example.com or by calling the Part VII team on 0333 015 5600, selecting option 1. This team is available from 9 am to 5.00pm, Monday to Friday. Your calls may be monitored or recorded.
If you think that the transfer would adversely affect you, you are entitled to object or make representations. You can contact us by email, phone or post, using the contact details above, or by writing to or emailing our solicitors at Addleshaw Goddard LLP, 60 Chiswell Street, London EC1Y 4AG (Reference 330099-35) or CASLP.PARTVII@addleshawgoddard.com. We will pass your objection to all relevant parties including the Court, the PRA, the FCA and the Independent Expert.
You also have a right to be heard at the Court hearing in person. Alternatively, a representative can come to the Court hearing on your behalf. Your representative does not need legal training and could be a friend or relative.
If you intend to object or make representations in any of the above ways, we would ask that you contact us, outlining your objections or representations, as soon as possible and preferably before 14 December 2023. This is not a requirement, but it will allow us to make a note of your representations and share these with the Court, the PRA, the FCA and the Independent Expert before the Sanction Hearing. We may also be able to deal directly with any objections or concerns you have.
Summary of the Independent Expert's report
Proposed Scheme Document
Summary of the Scheme
Notice of application to the Court
Independent Expert Report
Report by the Chief Actuary of Countrywide Assured
Report by the With-Profits Actuary of Countrywide Assured
A copy of all documents (including in an alternative format such as large print, braille or audio) can be requested by post, email or phone using the contact details for the Part VII Team shown above; these are available free of charge.