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Royal London announces signing of agreements with The Co-operative Banking Group

The Co-operative Banking Group announces signing of agreements with Royal London

March 2013

Royal London and The Co-operative Banking Group have today announced the signing of agreements for Royal London to acquire The Co-operative’s life insurance and asset management businesses.

Before the transaction takes place there will be a period of completion which will take a number of months. Following the completion period life insurance and asset management customers will transfer to Royal London.

Customers affected are those who have products provided by Co-operative Insurance Society (CIS), CIS Unit Managers and CIS Policyholder Services. These products include unit trusts, investments, pensions, life insurance and protection.

FAQ's

Why Royal London?

What does this mean for me?

How does this affect my policy/investment?

Will this change affect the performance or return on my product?

I also have an existing Royal London policy/investment. How is this policy affected?

What products are affected by this announcement?

What will happen to my home, motor or pet insurance as a result of this?

Is the transfer to Royal London in keeping with The Co-operative Banking Groups heritage?

Does Royal London have the same approach to ethics as The Co-operative Banking Group?

Will I still be able to top-up existing products? How do I do this?

Will I get a payout as a result of this transfer?

Who can advise me on my existing Co-operative Insurance/Investments products?

How will I know how my existing policy is doing?

How do I contact you in the future?

Should I cancel my existing policy because of this change?

What is the state of the Life Fund? Are my existing products at risk?

I have products with both Co-operative Insurance Society and the Royal London Group – am I still covered under Financial Services Compensation Scheme (FSCS)

Can my product remain with The Co-operative Banking Group instead of Royal London?

Will Royal London make a profit from this deal at the expense of Policyholders?

I’m not happy. Where do I go for further information?