Standard Life Assurance's decision to move to Ireland before Brexit fuels the anger of policyholders
- The company has received 355 complaints from policyholders
- The vast majority were angry about the loss of access to UK legal protection provided by the Financial Services Compensation Scheme
Standard Life Assurance is flooded with objections to its decision to transfer £ 18 billion to Ireland for the Brexit.
The company has received 355 complaints from policyholders – with the vast majority angry at the loss of access to UK legal protection offered by the Financial Services Compensation Scheme.
Around 390,000 policyholders will lose their protection under the scheme because there is no equivalent in Ireland. Most objections have been raised by German policyholders.
Movement in Dublin: the move costs Standard Life £ 40 million
Financial companies relocate part of their business so that they can still operate across the EU if the UK loses access to the internal market.
The move costs Standard Life £ 40 million and it has injected another £ 250 million into its Dublin arm to support the division.
Standard Life Assurance said it was aware of the special responsibility it has for saving customers' lives. It added that it was certain to be able to meet & # 39; the robust legal requirements for capitalization & # 39 ;.
Rivals such as Aviva, Admiral, Hiscox and AIG have handled similar complaints.