Keeping you up to date on Brexit - UK
Your investment with Prudential is important to us. As a business we constantly monitor all factors to do with your policy including the political environment in which we operate.
The UK Government is currently in negotiations over its proposed withdrawal from the European Union. Right now, the form of what this might look like is unclear, as are related economic and regulatory implications for investments that you have.
Negotiations over the terms of the UK’s proposed withdrawal from the EU continue. The EU and UK have agreed a further flexible delay to Brexit until 31 January 2020 and the UK could withdraw from the EU before that date if an agreement is reached. However this date is subject to change dependent on a number of outcomes, including that of the General Election which is now due to be held on 12 December 2019.
Is there any impact for me?
There could be no direct impact. For example, if you’re a UK-domiciled individual investing with a UK-registered company, such as Prudential, from a UK- based bank account, it’s unlikely that Brexit will have a direct impact on your investment.
However, investments of any nature carry a risk and values can go down as well as up. Political uncertainty and various other factors such as exchange and interest rates can all impact how your investment performs.
During any period of change, it’s important for you to get good advice and be happy that your investments are managed to deal, as best they can, with any potential volatility.
It’s essential for you to invest with a partner you can trust to act with you and for you at all times. Prudential has a long history of adapting to local, national and global change and have an established market leading range of funds developed specifically to manage the ups and downs of volatile investment markets.
The Brexit negotiations to date have been detailed and complex and at the moment there is still uncertainty as to the final outcome. As soon as more details emerge we will take any required actions to provide you with the highest levels of service and security and ensure that the impact on you, if any, is minimised.
As a business we constantly monitor all factors including the political environment in which we operate. The Brexit negotiations to date have been detailed and complex and at present there is still uncertainty as to what the final outcomes will be.
We have developed a range of contingency plans. Our customers interests, whether resident inside or outside the European Economic Area, are at the very heart of our thinking and any actions we might take. Our priority is to manage diligently your investments with us through these times. We’ll keep our website regularly updated as more information becomes known.
We have transferred policies to Prudential International Assurance (PIA) which is based in Ireland and all affected policyholders have been notified. These policies were originally bought in a Prudential branch within the extended European Economic Area (EEA) incorporating Poland, France, Malta, Germany and Ireland.
If you now live in the EEA and bought your policy in the UK, Channel Islands or the Isle of Man your policy will not be transferred.
Under present negotiations, the UK government is aiming to make it possible for the financial services industry to continue to be able to make payments overseas, including annuities. This aligns with recommendations from the European Insurance and Occupational Pensions Authority (EIOPA) and the Financial Conduct Authority (FCA) to all EEA regulators that the objective is to minimise the detriment to any impacted policyholders.
We await confirmation of the outcome of these negotiations so we can assess any potential impacts post Brexit for our policyholders and act appropriately.
If you have concerns about how wider economic conditions and political actions may impact your investments, you should contact your financial adviser, if you have one, in the first instance.
Investments carry a risk – their value can go down as well as up. As well as political uncertainty, a variety of other factors such as exchange and interest rate changes can also have an influence on how your investment performs.
Prudential has a long history of operating through changing economic conditions and political uncertainty. Our priority is to minimise disruption for you. Any actions that we take because of prevailing conditions are driven by this.
Our full focus is to maximise and protect the interests of our policyholders and wider stakeholders whatever the local, national and global economic and political considerations. This remains the case, whether the UK is part of the European Union or not.
Your investment is important to us. Our full focus always is to protect your interests securely as well as minimise any disruption or impact on your policy. Despite the uncertain outlook at present we have a variety of contingency plans in place to swiftly put into place no matter the global, economic and regulatory outlook we are faced with in the future. In the first instance you should speak to your financial adviser, if you have one. You should note the value of your investments can go down as well as up.