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 withdrew from the EU with an agreement on Friday 31 January and has now entered the transitional period. Negotiations will continue throughout this period in order to establish the UK’s future relationship with the EU. 

The transitional period is expected to last until 31 December 2020. During this time the UK will continue to be bound by EU rules, which means there is no immediate impact to the ongoing servicing of your policy. However, we will continue to monitor this situation and will keep you informed.

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.

Potential volatility

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.

UK banks announce closure of UK bank accounts for customers residing in some EEA countries

We are aware of the news regarding some UK banks taking the decision to close UK bank accounts for customers living in some EEA locations and are assessing any potential impacts. Our customers’ interests are at the very heart of our thinking and any actions we might take. Our aim continues to be to minimise any disruption or impact on your policy. We’ll keep these pages regularly updated as more information becomes known.

The UK withdrew from the EU with an agreement on Friday 31 January and has now entered the transitional period, during which time the UK will continue to be bound by EU rules. This means there is no immediate impact to the ongoing servicing of your policy. However, negotiations on the UK’s future relationship with the EU will continue until at least 31 December 2020. We will continue to monitor this situation and 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.

We are aware of the news regarding some UK banks taking the decision to close UK bank accounts for customers living in some EEA locations and are assessing any potential impacts.  Our customers’ interests are at the very heart of our thinking and any actions we might take. Our aim continues to be to minimise any disruption or impact on your policy.

As a business we constantly monitor all factors including the political environment in which we operate. The UK withdrew from the EU with an agreement on Friday 31 January and has now entered the transitional period during which time the UK will continue to be bound by EU rules.

However, negotiations on the UK’s future relationship with the EU will continue until at least 31 December 2020 and we will continue to monitor this situation. 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.

The UK withdrew from the EU with an agreement on Friday 31 January. There was no hard Brexit. The UK has now entered the transitional period during which time the UK will continue to be bound by EU rules. This means there is no immediate impact to the ongoing servicing of your policy. 

Negotiations on the UK’s future relationship with the EU will continue until at least 31 December 2020. 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 the outcome of these transitional negotiations so we can assess any potential impacts after the transitional period for our policyholders and act appropriately.

We are aware of the news regarding some UK banks taking the decision to close UK bank accounts for customers living in some EEA locations and are assessing any potential impacts.  Our customers’ interests are at the very heart of our thinking and any actions we might take. Our aim continues to be to minimise any disruption or impact on your policy. We’ll keep our website regularly updated as more information becomes known.

If you’ve been notified by your bank that your account is being closed  you may need to take action to ensure that the payments you make to us, or receive from us, can continue.  You should contact your bank in the first instance.

What are your options?

  • If you satisfy the criteria your current nominated bank has set and are able to keep your account open:
    • Your payments to us, or received from us, won’t be affected.
  • If you have an alternative UK bank account with another UK bank, and have satisfied their criteria to keep your account open:
    • You’ll need to let us know your new UK bank or building society details so your current payment arrangements can continue.
    • You’ll be able to update your UK bank or building society details with our Online Service. To find out if your policy is available for this service, or to log in if you’ve already registered, please go to pru.co.uk/online.
  • If you don’t have a UK bank account and you receive regular payments from us:
    • You’ll need to contact us with the details of your EEA bank account so your current payment arrangements can continue.
    • If you are receiving a payment from an annuity, you can do this using the secure message option within your online account.
    • If you are receiving payments for another type of policy, please call us.
  • If you don’t have a UK bank account and you’re currently making regular payments to us:
    • You’ll need to contact your EEA bank to set up a new regular payment to us, as soon as possible.

If you need to make changes to your bank accounts or payments, please do this before 31 December 2020, so that payments can continue.

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.

You can get more information on the Government website: https://euexit.campaign.gov.uk/.

You can also contact your financial adviser if you have one. Note that advisers may charge for their services.