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Case Study

Part VII Brexit Communication

As a consequence of Brexit, current EEA passporting ceased at the end of the transition period on 31 December 2020. Certain insurance businesses are therefore transferring the management location of affected policies from London to EU locations.

The Challenge

Our client, an insurance organisation with significant European mainland interests needed to meet the communication

obligations of Part VII of the Financial Services and Markets Act 2000 overseen by The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

On their behalf we issued relevant information in a specific time frame to let recipients assess any effects on them, to raise any objections or obtain clarifications ahead of their High Court Sanctions Hearing.

The Project

Due to the nature of the project, our client had a number of requirements their chosen provider would need to meet, including;

  • Multiple varieties of notifications to policyholders and affected parties, with a range of support documents.
  • Translation of documents and web sites into 24 European languages.
  • Several hundreds of thousands of mailed notifications for delivery across the EEA and worldwide
  • A section of notifications issued by email
  • Mailout across 8 weeks with a number of sweep-up up mailings leading up to the high court hearing.
  • An online database of recipients with tools supporting multi-lingual responsehandling by the client and an external call handling partner.
  • Witness Statements evidencing satisfactory fulfilment of all responses
  • Receipt and recording of undelivered packs (goneaways)

Solution Summary

After a competitive tender process against national and multi-national management consultancy firms Forth’s proposals were chosen.

Forth provided an end to end communication and response management solution encompassing:

 

  • Assisting with strategic planning
  • The execution of all communications and response handling procedures
  • Undertaking post completion and ‘top-up’ activities
  • Providing precise reconciliations across all channels

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Part VII Transfer Communications Experts

Forth provides end to end communication solutions agreed with the PRA/FCA, from Court Directions hearing through to Scheme Effective Date and beyond.

For 30 years we’ve delivered complex and demanding policyholder communications for some of the largest pension and insurance providers and their advisers engaged in mergers and acquisitions and particularly Part VII transfers.

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