The Business Law Reports
[2021] Bus LR 259
Court of Appeal
In re
The Prudential Assurance Co Ltd and another (Association of British Insurers intervening)
[2020] EWCA Civ 1626
2020 Oct 27, 28, 29; Dec 2
Sir Geoffrey Vos C, David Richards LJ, Sir Nicholas Patten
Financial services— Business transfer— Sanction— Factors to be taken into account in exercise of court’s discretion to sanction scheme to transfer annuity policies— Relevance of availability of non-contractual external financial support for transferor and transferee companies— Weight to be given to opinion of independent expert and regulators’ lack of objection to proposed scheme— Relevance of policyholders’ reasons for choosing to buy annuity from transferor company— Proper approach to exercise of discretion to sanction transfer—
Financial Services and Markets Act 2000 (c 8), s 111(3)
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