On 18 March 2019, Scottish Widows Limited (“SWL”) received approval from the High Court to transfer its European portfolio under Part VII of the Financial Services and Markets Act 2000 to a new legal entity in Luxembourg – Scottish Widows Europe S.A (“SWE”).
The transfer took effect on 29 March 2019.
What does this mean for you?
All policies provided by SWL which were originally sold in the EU via its European branch and broker network have transferred. These policies were predominantly sold in Germany, Austria, Italy and Luxembourg under the Clerical Medical brand. For the avoidance of doubt, no part of SWL’s UK portfolio was transferred.
The transfer has been reviewed by an Independent Expert who, amongst other things, has concluded that the transfer will have no material adverse effect on the policyholder benefits or contractual rights for transferring and non-transferring policyholders. A copy of the Independent Expert’s Supplementary Report (along with his original full and summary reports) is available in the supporting literature section.
The dedicated call centres for the transfer are now closed. However, if you have any questions about the transfer or a general query about your policy, please contact us using the usual contact details shown on your policy documentation.