Irish Life Financial Services to advise Ulster Bank customers

Irish Life Financial Services is to make ongoing advice services available to Ulster Bank policy holders as the bank continues its withdrawal from the Irish market.

The transfer, effective July 31st, relates to life assurance products, pensions, investment and protection policies which were and will continue to be underwritten by Irish Life Assurance, for which Ulster Bank acted as insurance intermediary for its customers.

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

Ulster Bank is writing to customers to inform them of this transfer, which includes the transfer of their personal data relating to the advice given by Ulster Bank and to offer customers an opportunity to opt-out, should they so wish.

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Customers will continue to receive annual correspondence directly from Irish Life Assurance in relation to their existing policy and their policies will continue to be serviced and administered by Irish Life Assurance until the policy maturity date.

Ulster Bank chief executive Jane Howard said: "Today's announcement represents further progress on our phased withdrawal from the Republic of Ireland and I am pleased that this transfer will offer these customers a seamless process as we transfer their service to Irish Life.

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