Standard Life International has taken a number of steps to prepare for Brexit over the last three years. Our aim is to ensure continuity of service for advisers and customers, irrespective of the outcome of the ongoing negotiations between the UK and the EU.
The UK government has now agreed a deal with the EU, which means the UK will leave the EU on 31 January 2020. This will be followed by a ‘standstill’ implementation period, which is to last until 31 December 2020, during which time the UK will negotiate its future relationship with the EU and all EU laws will continue to apply in the UK.
The detail associated with the future relationship is not known at this time, but Standard Life International is continuing to explore contingency plans for the various Brexit outcomes in order to support our commitment to the UK offshore bond market, advisers and customers.
In the meantime, we’ve set out our understanding of the impact of the “Brexit deal” for International Bond policyholders:
There is no immediate impact on the administration of clients’ Standard Life International policies.
We wrote to you in March 2019 with an update on our Brexit plans. As part of that update, we highlighted the risk that FSCS protection may be lost after Brexit.
As the UK government has agreed a deal with the EU, our understanding now is that FSCS cover will remain in place for eligible UK resident policyholders at least until the end of the implementation period (i.e. 31 December 2020, assuming the period is not extended). We do not yet know the details of the final future relationship between the UK and EU, and how this will impact availability of FSCS cover, however we shall continue to monitor developments and will keep you updated.
Standard Life International is, and will continue to be, authorised and regulated by the Central Bank of Ireland (“CBI”) and will continue to have to meet EU insurance solvency standards. The CBI supervised our compliance with these standards. Your client can be sure that their International Bond is invested with a well-capitalised, financially secure company.
Standard Life International will continue to monitor Brexit negotiations during the implementation period and will keep you up to date with our plans.
Standard Life International dac is regulated by the Central Bank of Ireland.
Standard Life International dac is a designated activity company limited by shares and registered in Dublin, Ireland (408507) at 90 St Stephen’s Green, Dublin 2.
Standard Life International dac is part of the Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen Group.