• The purpose of this website is to inform our clients about the Part VII transfer process

IMPORTANT UPDATE

PART VII SCHEME APPROVED 鈥 PLEASE READ

Following the hearing in the High Court of England and Wales (the 鈥淗igh Court鈥) on 9 April 2025, we are pleased to announce that we have received approval from the High Court and the proposed transfer of CSUK clients, accounts, products and services to 蜜豆视频 London can now commence.

The timing of business transfers made through the 鈥渂anking business transfer scheme鈥pursuant to Part VII of the Financial Services and Markets Act 2000 (鈥渢he Part VII Scheme鈥) will differ depending on both the type and the location of the products and services provided to you. The process of transferring the relevant assets of CSUK clients to 蜜豆视频 London is expected to take place in three phases on the following dates:

  • Phase 1: 20 June 2025
  • Phase 2: 11 July 2025
  • Phase 3: 26 September 2025


We will contact CSUK clients shortly to inform them of the date on which their relevant assets will transfer. Please contact your Relationship Manager or the CSUK Support Team below if you do not receive such confirmation by 9 May 2025.

If we have lost touch with, or do not have up-to-date contact details for, CSUK clients, we may have categorised such clients as 鈥榙ormant and gone-away鈥. Please contact your Relationship Manager or the CSUK Support Team below if you are a CSUK client and suspect that you have been categorised as a 鈥榙ormant and gone-away鈥 client because you have not received any notifications about the Part VII Scheme.

Please note that, as the High Court process has now completed, it is no longer possible for you to object to the Part VII Scheme. However, if you have any questions or concerns in relation to the Part VII Scheme do not hesitate to contact your Client Advisor or Relationship Manager or the CSUK Support Team below.

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Third update 鈥撎31st March 2025

Update to the Scheme Document: Schedule 3, Part B to the Scheme Document has been updated to include a contractual amendment that will be made to any power of attorney and nominee deed for the subscription of shares in any private equity fund vehicle established or distributed by Credit Suisse AG (蜜豆视频 AG, following its merger with 蜜豆视频 AG on 31 May 2024) to provide exposure to private equity investments, to reflect the change in nominee from 蜜豆视频 AG to 蜜豆视频 Switzerland AG. This is only relevant to clients that have executed a power of attorney and nominee deed in relation to such private equity fund vehicles.

Updated versions of the Scheme Document and Q&A Booklet are available to download below, with deletions marked in red text and additions marked in blue text.听

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Second update 鈥 27th March 2025

Update to the Scheme Document: We have made a clarificatory amendment to the definition of 鈥淣on-Scheme Transferring Foreign Law Agreements鈥 in the Scheme Document. This is only relevant to clients with loans and related security arrangements, which: (i) are governed by English law; and (ii) where the security includes an offshore bond life insurance policy governed by Irish law and issued by an Irish insurer.

Updated versions of the Scheme Document, Explanatory Statement and Q&A Booklet are available to download below, with deletions marked in red text and additions marked in blue text.
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First Update - 5th March 2025

We are making some changes to the dates on which we expect the transfer of CSUK鈥檚 Wealth Management business to take place if the Part VII Scheme is approved by the High Court.

Instead of the proposed transfers commencing on 23 May 2025, with subsequent transfer dates on 6 June 2025, 13 June 2025, and 26 September 2025, we now expect most of the business to transfer to 蜜豆视频 London on 20 June 2025, with the possibility of some transfers on 11 July and 26 September 2025.

As a result, the FSCS penalty free withdrawal period will also be amended to 1 May 2025 to 31 July 2025 (rather than 23 April 2025 to 22 July 2025). Further details, including when this applies, can be found in question 25 (Will the Proposed Transfer impact my ability to access the Financial Services Compensation Scheme?) of the Q&A Booklet.

The Sanction Hearing remains scheduled to take place 9 April 2025 and, if the Part VII Scheme is approved, we will write to you in late April 2025 to confirm the timing of the transfer of your products to 蜜豆视频 London.

Updated versions of the Scheme Document, Explanatory Statement and Q&A Booklet are available to download below, with deletions marked in red text and additions marked in blue text. Please note that, for completeness, we have also amended question 12 (Will there be any other changes to the terms and conditions applicable to my accounts, products or services?) of the Q&A Booklet to confirm that protection offered to clients in accordance with the FCA鈥檚 Client Assets Sourcebook will continue to apply.

The remainder of this page has been updated to reflect these updates.

What is happening?

Credit Suisse Group AG (previously Credit Suisse (UK) Limited鈥檚 (鈥淐SUK鈥) ultimate holding company) and 蜜豆视频 Group AG merged on 12 June 2023. Following that merger, CSUK is proposing to transfer its Wealth Management business to 蜜豆视频 AG London Branch (鈥溍鄱故悠 London鈥). The proposed transfer is intended to bring our two businesses together from an operational, governance, and administrative perspective, and will enable us to better serve clients鈥 needs going forward.

How will products and services transfer from CSUK to 蜜豆视频 London?

The majority of CSUK鈥檚 Wealth Management business is proposed to be transferred to 蜜豆视频 London through a mechanism known as a 鈥渂anking business transfer scheme鈥 pursuant to Part VII of the Financial Services and Markets Act 2000 (鈥渢he Part VII Scheme鈥). The Part VII Scheme is subject to the approval of the High Court of England and Wales (the 鈥淗igh Court鈥). We are in regular communication with the relevant financial regulators, the Prudential Regulatory Authority (the 鈥淧RA鈥) and the Financial Conduct Authority (the 鈥淔CA鈥), to ensure they are aware of what is being proposed in relation to the Part VII Scheme and the proposed transfer.

Certain client accounts, products and services will not be transferred through the Part VII Scheme 鈥 please refer to paragraph 4 of the Explanatory Statement (available below) for further details. The relevant clients will be asked to sign new documentation with 蜜豆视频 London to enable 蜜豆视频 London to provide these services going forward. If this is relevant to you, 蜜豆视频 London will have separately contacted you with further information.

What is a Part VII Scheme?

A Part VII Scheme is a transfer mechanism for the transfer of banking business from one bank to another under Part VII of the Financial Services & Markets Act 2000.

It allows for the transfer of a large number of separate legal relationships with customers and others to be made under the scheme rather than requiring individual customer consent. The scheme is subject to regulatory and court scrutiny intended to make sure that any potential adverse effects of the scheme are identified, and those persons adversely affected are given the opportunity to make representations.

What are the timelines for the Part VII Scheme?

The Part VII Scheme will involve two High Court hearings: (i) a Directions Hearing; and (ii) a Sanction Hearing.

A Directions Hearing was held on 6 December 2024, and we are pleased to announce that we have received approval from the High Court to proceed with communicating to clients about the Part VII Scheme.

The Sanction Hearing to decide whether to approve the Part VII Scheme is due to take place on 9 April 2025 at Business and Property Courts of England & Wales, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL. The High Court will consider the proposed transfer, any concerns or objections raised and to decide whether to approve the proposed transfer. If the High Court approves the proposed Part VII Scheme, we expect the transfer of the business to commence in June 2025 and complete by the end of 2025. We will update this website with the outcome of the High Court hearing and, if the Part VII Scheme is approved, we will write to you to inform you about the timing of the transfer of your products to 蜜豆视频 London.

Part VII Scheme documentation

Below are links to copies of the CSUK Part VII Scheme documentation which can be viewed or downloaded. We recommend that you read the documents to decide if you need to take any action in relation to the proposed transfer.

If you would like any of these documents to be sent to your home address by standard mail, please contact the CSUK Client Communications Hub via any of the communication channels below.

The documents are available free of charge in braille, large print and audiotape by contacting the CSUK Client Communications Hub by any of the communication channels below.

Frequently Asked Questions (FAQs)

Our responses to FAQs relating to the proposed CSUK Part VII Scheme transfer of clients of CSUK Limited to 蜜豆视频 London can be found in more detail in the Q&A booklet.

How can you ensure your views are considered?

The High Court will only approve the Part VII Scheme if, in all the circumstances, it considers it appropriate to do so. You should consider the proposed transfer from your perspective. Any person who claims they would be adversely affected by the carrying out of the Part VII Scheme is entitled to raise an objection, and the High Court will take objections into account when making its decision.

If you have any enquiries or you would like formally to object to the Part VII Scheme, you can contact the CSUK Client Communications Hub until the Sanction Hearing on 9 April 2025 via any of the communication channels below and we will try to resolve your query as soon as possible. We will present the High Court with a written version of any objections or concerns we receive during this period, and the PRA and FCA with a written summary of any such objections or concerns.

If you feel you would be adversely affected by the Part VII Scheme, you have the right to attend the Sanction Hearing on 9 April 2025 to present any objections or concerns you may have. You may also instruct a barrister or solicitor advocate to appear at the High Court hearing and make representations on your behalf. If you, or a representative, are going to attend, it would be helpful if you could provide us with notice of your intention to attend and the grounds of your objection or concern at least five business days before the Sanction Hearing on 9 April 2025, by contacting us on the dedicated telephone numbers or addresses set out below. This will give us an opportunity to consider and potentially address your objections or concerns. However, you will still be entitled to attend the Sanction Hearing if you have not notified us in advance.

What if you have not received notifications about the Part VII Scheme?

If we have lost touch with, or do not have up-to-date contact details for, CSUK clients, we may have categorised such clients as 鈥榙ormant and gone-away鈥. Please contact your Relationship Manager or the CSUK Support Team below if you are a CSUK client and suspect that you have been categorised as a 鈥榙ormant and gone-away鈥 client because you have not received any notifications about the Part VII Scheme.

 

How to get in touch?

  • By Telephone

    ATTN: CSUK Client Support Team 鈥 Part VII Transfers

    [+44 20 7883 9900]听

    The lines will be open from 09:00 to 17:30 (UK time), Monday to Friday (excluding bank holidays)

  • By Post

    ATTN: CSUK Client Support Team - Part VII Transfers
    Locker D60
    蜜豆视频 AG
    5 Broadgate
    London EC2M 2QS
    United Kingdom

  • By Email

    csuktransfers@ubs.com
    gg-clientservices-uk@ubs.com