Business
Statement re: the Legacy Review
Statement re: the Legacy Review.
About this update from Chesnara Plc
[{"type":"text","content":"\n \nRNS Number : 0805Q Chesnara PLC 07 September 2017 \n\nStatement re Legacy Review\nChesnara PLC\n07 September 2017\n \nChesnara plc\n(\"Chesnara\" or \"the Company\")\nLegacy Review\nWe note the FCA announcement this morning relating to the closure of one of the investigations into the disclosure of exit and paid up fees announced on 3 March 2016. As reported in the Chesnara half year results published on 31 August 2017.\n\"….The investigation into how Countrywide Assured disclosed exit fees to customers, initially announced on 3 March 2016, is ongoing. We have provided the FCA with all information requested. Discussions are ongoing and given the narrow scope of the investigation we retain our opinion that the outcome from the investigation should not have a material impact on the company….\"\nWe continue to work with the FCA with the aim of bringing this investigation to a conclusion as quickly as possible.\n \n \nEnquiries:\n \nRoddy Watt, FWD Consulting - 0207 280 0651 / 07714 770493\n \nNotes to Editors \nChesnara plc ('Chesnara'), which listed on the London Stock Exchange in May 2004, is the owner of Countrywide Assured plc ('CA plc'), Movestic Livförsäkringar AB ('Movestic') and Chesnara Holdings BV. Chesnara Holdings BV. is, the intermediate holding company of 'Waard Group' and 'Scildon'.\n \nCA plc is a UK life assurance subsidiary that is closed to new business. In June 2005 Chesnara acquired a further closed life insurance company - City of Westminster Assurance - for £47.8m. With effect from 30 June 2006, CWA's policies and assets were transferred into CA plc. Save & Prosper Insurance Limited and its subsidiary, Save & Prosper Pensions Limited, were acquired on 20 December 2010 for £63.5 million. With effect from 31 December 2011, the business of Save & Prosper was transferred into CA plc. On 28 November 2013 Chesnara acquired Direct Line Life Insurance Company Limited (subsequently renamed Protection Life Company Limited) from Direct Line Group plc for £39.3m. On 31 December 2014 the PL business transferred into CA plc. CA plc operates an outsourced business model.\n \nMovestic, a Swedish life assurance company which originally focused on pensions and savings, was acquired on 23 July 2009 for £20 million.&nb...