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Saturday, May 28, 2022

Ulster Bank pension and investment business to transfer to Irish Life

Ulster Bank pension and investment business to transfer to Irish Life

Departing Ulster Bank has entered into an agreement with Irish Life on the servicing of pension, investment and life insurance products.

That agreement pertains to products purchased from the bank but underwritten by Irish Life.

Irish Life will provide advisory services to policyholders from July 31.

Ulster Bank was a broker for pension, investment and life insurance products underwritten by Irish Life.

The bank said that since the customer policies are already provided by Irish Life Assurance, the terms and conditions of the policy are not affected in any way.

Ulster Bank said it is writing to customers who have these products to explain what is happening.

Customers are being informed that the arrangement involves the transfer of their personal data relating to advice given by Ulster Bank to the Bank.

The bank said that customers have the opportunity to opt out of product deals, if they so desire.

Ulster Bank stated that customers will continue to receive annual correspondence directly from Irish Life Assurance regarding their existing policies and that their policies will continue to be serviced and administered by Irish Life Assurance until the policy maturity date.

The bank is engaged in a phased withdrawal from this market and has started giving six months to its one million current account and deposit customers to move to the new banking system.

If granted regulatory approval, its non-tracker mortgage is going to be transferred to a permanent TSB. AIB expects to get a green signal to buy Tracker Mortgage.

Ulster Bank Chief Executive Jane Howard said the latest move represents further progress on the bank’s phased withdrawal from the Republic of Ireland.

“I am delighted that this transfer will provide a seamless process for these customers as we move their service to Irish Life.

“We will be contacting customers in this regard shortly to ensure they remain supported throughout the transfer.”

The latest announcement excludes other non-life assurance products where Ulster Bank is also an intermediary for Aviva to sell home and car insurance.

Last month Ulster Bank and KBC Bank Ireland were warned by the regulator that they would be blocked from exiting the market if replacement banking services were not provided for their customers.

The central bank asked departing banks to step up monitoring of the planned departure, which has been described as a massive upheaval in financial services.

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