Alice joined Devereux Chambers in 2010 on completion of pupillage. In 2016 she was appointed Junior Counsel to the Crown (C Panel).
This Practice Note addresses the control of insurance companies and the steps which need to be taken under the relevant regulatory regime when that control changes. It sets of the regulatory background under the Financial Services and Markets Act 2000 (FSMA 2000) and covers the dual regulatory regime under the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) as they apply to the control of insurance companies. This includes: the definition of controller, notification of decision to effect a change in control, notification of decision to effect a change in control, definition of a change in control, reducing or ceasing to have control, exemption for non-directive firms—the Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009, SI 2009/774, application to acquire or increase control, FSMA 2000, s 185(2), sale of shares and reduction or cessation of control.
This Practice Note provides an overview of the collapse of Equitable Life in 2000 to new business due to inability to pay guaranteed annuities, and the regulatory shortcomings. The Note describes the role of the Prudential Regulation Authority (PRA) and the applicable law, the Financial Services and Markets Act 2000 (FSMA 2000). The insolvency regime is described, as well as the Financial Services Compensation Scheme (FSCS).
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