Court of Appeal overturns High Court’s refusal to sanction the transfer of Prudential’s annuity business to Rothesay
On 2 December 2020, the Court of Appeal overturned a decision by Snowden J in 2019 refusing to sanction the proposed transfer of c.£12.9bn in annuity liabilities from The Prudential Assurance Company Limited (PAC) to Rothesay Life (Rothesay). This is the first time the Court of Appeal has considered the approach the court should adopt in dealing with applications to sanction transfers of insurance business under Part VII of the Financial Services and Markets Act 2000 (FSMA).