Rothesay Life has lodged an appeal against the High Court's decision to block the £12bn transfer of Prudential's annuity book.
The appeal - submitted today (27 September) to the Court of Appeal - will be on the basis that the judgment in the High Court "contains material errors of law", and should "therefore be reconsidered", the insurer said. In the mid-August ruling, the High Court said its decision was due to the insurer's lack of "established reputation" and differing "capital management policies". Rothesay Life has asked the Court of Appeal to set aside the judgment and sanction the transfer. It said: "The appeal is unlikely to be heard for several months and the Court of Appeal will then need time to...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.