In May 2017, the FCA published a guidance consultation paper (GC17/5) entitled “Proposed guidance on the FCA’s approach to the review of Part VII insurance business transfers”. The draft guidance in this document sets out the FCA’s approach to reviewing insurance business transfer schemes under Part VII of the Financial Services and Markets Act 2000 (FSMA) (Part VII Transfers). The guidance is of interest to insurance firms considering Part VII Transfers and their professional advisers; and independent experts appointed to report to the High Court on the terms of the transfer scheme.

Herbert Smith Freehills submitted a response to GC17/5 on 1 August 2017, with a range of general and specific comments.