Asteron Life has announced that policy transfer between advisers or to FAPs is now simplified. Advisers will no longer need to complete specific forms or send through a copy of the Sale & Purchase Agreement. Instead, advisers will need to inform their BDM who the seller and purchaser are, when the transfer will happen, and whether it is a full or partial transfer of policies. Asteron Life will send a Notice of Transfer for both parties to sign and return. Asteron Life has highlighted that all transfer requests need pre-approval. The pre-approval will be issued when an adviser states their intention to transfer policies.
“We have simplified our process for transferring client policies to another adviser or FAP. Our new process means there are no specific forms for you to complete, and no need to send us a copy of the Sale & Purchase Agreement between the two parties. Please discard any existing Sale & Purchase or client transfer forms you might have on file, as these will no longer be accepted.
Going forward, you only need to contact your Business Development Manager/Consultant with the following information:
- who the two parties are (seller and purchaser);
- when the transfer is to happen (minimum of 7 days’ notice required);
- whether or not you are transferring all of your client portfolio or only some specific clients (in which case you’ll need to tell us their full name and policy numbers).
We will then send you a Notice of Transfer for both parties to sign and return to us to action.
A reminder that all transfer requests do need our pre-approval. We can confirm our approval when you first advise us of your intention to sell/transfer clients to another Adviser/FAP.”
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