The reality of Brexit is still unfolding and there is still much ground to be covered in negotiations. Brexit poses challenges and opportunities to all industries, not least our own.
Our priority is to ensure, whatever happens between now and the UK’s exit from the EU, we are in the best possible position to provide continuity of service for our advisers and customers in Ireland, and across Europe.
To do this, we’re making significant changes to our business. We’re proposing to transfer our policyholders in Ireland, Germany and Austria from our Scottish company, Standard Life Assurance Limited, to our Irish company, Standard Life International dac.
If no changes were made, it is possible that as a UK company, Standard Life could be stopped from servicing our European policyholders. It is a necessary but also an exciting development.
We are delighted that the Dublin office will become Standard Life’s European Headquarters. Our presence in Ireland is growing significantly. We look forward to a continued successful partnership with the Irish adviser community for many years to come.
Keeping you up to date
Once policies transfer to Standard Life International, they will no longer be covered by the UK Financial Services Compensation Scheme (FSCS). There is no equivalent scheme in the Irish market.
We expect the initial Court hearing to take place this September. Once the hearing commences we will write to customers giving them details of the transfer. We’ll share a copy of this communication with you immediately after the Court hearing and several days before it is sent to customers.
We’ll also host all relevant information on our website www.brokerzone.ie
Here’s an overview of how we expect the process to happen: