Re Scottish Equitable plc; Re Rothesay Life plc

Insurance – Scheme. The Chancery Division granted an order, under s 111 of the Financial Services and Markets Act 2000, sanctioning a scheme for the transfer of Scottish Equitable plc's book of annuity policies to Rothesay Life plc. The court held that the proposed transfer was a transfer of a business, under s 105 of the Act and, accordingly, that it had jurisdiction to sanction the scheme under s 111 if the Act. Notwithstanding that some policyholders had objected to the scheme, the court held that it was appropriate to sanction it in circumstances where the independent expert had considered that there would be no material detriment to policyholders, and where the Prudential Regulation Authority and the Financial Conduct Authority had not raised any objection to the scheme.

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