Prudential International Assurance (PIA)

From Monday 22nd June, Prudential International Contact Centre (PICC) phone lines were back up and running. The PICC contact centre team are available to receive inbound and make outbound phone calls from home. The phones lines are open during the times of 9am to 5pm Monday to Friday. 

We would continue to ask for all documents to be emailed to PICC at prudentialinternational@prudential.co.uk and for all monies to be sent by electronic means.

New and existing business queries

Please see the table below which highlights which email address to send the relevant business queries to.

Given the current challenges for you and your clients, we’ve implemented a new, ‘paperless’ process for new business and top-ups for PIA bonds.

The introduction of a new, signatureless declaration removes the need for you to obtain a ‘wet’ signature from your clients for their new business application. All you have to do is complete the relevant declaration to confirm you have your client’s authority (in line with the points laid out in the declaration) to submit the application on their behalf.

PLEASE NOTE : The signatureless declaration relates to the new business applications only. It can't be used for regulatory requirements like tax reporting requirements and residency declarations. 

Please note that there are regulatory requirements which will need a client signature. These are called out in the table below.

Please click on the relevant declaration below.

New business declaration

Top-up declaration

How the new process will work

Here’s a list of the PIA bond products in scope for the new signatureless process (i.e. those open to new business and top-ups).

Bonds Open to New Business

• Prudential International Investment Bond (PIIB)
• Prudential International Investment Portfolio (PIIP)
• International Prudence Bond (IPB)
• Prudential Onshore Portfolio Bond (POPB)
• Prudential Onshore Portfolio Bond – Off Wrap contracts (POPB-OWC)

The table below sets out the process and any relevant further information for each type of PIA application.

How to send your signatureless declarations to us

Please send the completed declaration by secure email to prudentialinternational@prudential.co.uk and send the monies into us electronically. Please note that for POPB and POPB-OWC the adviser can send in applications online via PruAdviser.

How to send monies to us

For bank account details to send money on Prudential International Investment Bond, Prudential International Investment Portfolio and International Prudence Bond, please click here

For bank account details to send money on Prudential Onshore Portfolio Bond and Prudential Onshore Portfolio Bond-OWC please click here

If you need any help with this, please contact your Prudential Account Manager.

In line with the changes made for a signatureless approach to applications, PIA have reviewed AML requirements and have put in place some changes which take effect from Monday 6 April.

New business / Top ups

• If an FA can view the AML Customer Due Diligence (CDD) documents via video link (e.g. skype, face time) to confirm the scanned copy they have received is consistent with what they are viewing via video link, the Financial Adviser is permitted to then certify the AML CDD documents, assuming they are comfortable to do so, and email those to prudentialinternational@prudential.co.uk .
• Where AML CDD documents cannot be provided on a certified basis, where the customers are not high risk (e.g. PEPs etc) and the documents being provided are in accordance with the standard list of documents as per the PIA AML guide. The acceptance of uncertified documents may be accepted as a policy exception and as such once the current Covid-19 restrictions are lifted, a certified version must be obtained and put on the customer’s file. This subsequent “back capture” requirement will be communicated to the Financial Adviser as applicable when accepting the uncertified copies so that there is awareness of this subsequent follow up that must be honoured by the customer/Financial Adviser in order for the policy to remain in place.

Trusts / Assignments / Power of Attorney

• Scanned copies of original documents can be accepted in place of originals. If scanned copies are provided these will need to be certified. Where documents cannot be provided on a certified basis, where the customers are not high risk (e.g. PEPs), uncertified copies may be accepted. The acceptance of uncertified documents may be accepted as a policy exception and as such once the current Covid-19 restrictions are lifted, a certified version must be obtained and put on the customer’s file. This subsequent “back capture” requirement must be communicated to the customer or Financial Adviser as applicable when accepting the uncertified copies so that there is awareness of this subsequent follow up that must be honoured by the customer/Financial Adviser in order for the policy to remain in place.

We have carried out a further review of our underwriting process for DGTs, As a result, PIA will re-commence requesting and chasing for GP reports from Monday 15 June. To summarise our position:  

• We'll revert back to the standard process existing before COVID 19, where we'll request a GP report and underwrite on that basis.
• Interim underwriting can be completed based on the information in a declaration of health, if it provides sufficient information.  
• DGTs can be set up on a nil discount basis - but this option is designed for those cases where the health of the client is sufficiently poor that a discount is not expected.  No underwriting is done for these cases, or it is a decline.  These discounts are not re-visited.

Please also note that the cancellation period of the underlying bond remains the same – the bond can’t be cancelled even if a final discount is different or declined.

These are all temporary measures to support the transition to homeworking whilst the Government restrictions are in place. Whilst these measures are in place we will continue to minimise any impact on the strict risk and control guidelines we already have in place around managing our business. 

If you have any questions, please get in touch with your Prudential Account Manager.

During these uncertain times we can help you manage your clients business online.

You can access a range of online services, from illustrations and new business submission, to valuations and withdrawals. Please visit: https://www.pruadviser.co.uk/online-services/