Report comment

"The Court of Appeal has overturned a High Court ruling blocking the transfer of a £12bn (€13bn) back book of individual annuity policies from Prudential to Rothesay Life."

That's disappointing, though perhaps not terribly surprising. It seems like the court is potentially being reduced to simply applying a "rubber stamp", as mentioned in the original ruling (https://www.bailii.org/ew/cases/EWHC/Ch/2019/2245.html). I would hope that, in future, sales literature for annuities will now explicitly spell out the possibility of a "Part VII" (Financial Services and Markets Act 2000) transfer.