Aviva customers reassured over firm's transfer of assets to Ireland
PUBLISHED: 17:04 20 February 2019 | UPDATED: 17:04 20 February 2019
Customers of Aviva in Norwich have been told there will be no change to their policies by the firm transferring assets to Ireland as part of Brexit continency planning.
Customers of Aviva in Norwich have been reassured their policies will not be affected by the firm transferring assets to Ireland as part of Brexit continency planning.
Some policies are being transferred to Aviva’s Irish subsidiary to ensure in the event of a no-deal Brexit, the insurance giant can continue to service them, it was confirmed today.
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A spokesman for Aviva in Norwich, said: “We are transferring some of our customers’ policies in the EEA to our Irish subsidiary, Aviva Life & Pensions Ireland dac, to ensure that when the UK leaves the EU we can continue to service these policies.
“For customers who are being transferred there will be no changes to the terms and conditions, cover or customer support of their policies.”
The insurer has announced it will move £9bn worth of assets to Ireland as it prepares for Brexit after receiving approval from the High Court in London for the transfer.
It follows approval earlier this month to transfer £1 billion to Dublin.
The relocation is designed to deal with the consequences of a no-deal hard Brexit, in which UK based financial services firms will lose passporting rights that allow them to function in the EU’s single market, the world’s richest trading bloc.
Several banks - including the Barclays, Royal Bank of Scotland, Lloyds, Goldman Sachs, Morgan Stanley and a host of others - have set up continental hubs in preparation for Britain’s exit from the EU.