Segregation of Assets for United Arab Emirates Onshore designated policyholders
16 Oct 2026
We are providing advance notice to FPIL unit-linked policyholders who we designate as ‘United Arab Emirates ("UAE") Onshore policyholders’ of upcoming changes we are making which will apply to their policy and the FPIL mirror funds available to them.
Segregation of UAE Onshore policyholder assets
As part of the continued development of our international operating model, we are establishing a separate structure for assets linked to our UAE Onshore policyholders. This is consistent with the jurisdiction-specific approach we have already adopted for our Hong Kong and Singapore branches and will support the effective administration, governance and reporting of these assets.
Designating our policyholders is to assist FPIL with financial accounting and/or regulatory requirements and reporting obligations, and is based on various factors. The designation is based on various factors, including the product applied for; the country in which it was authorised; the applicant’s country of residence or the country in which the application was signed; the FPIL branch that processed the application; and the regulatory status of the financial adviser who provided advice in connection with the application.
How we intend to carry this out
The FPIL mirror fund range available to UAE Onshore designated policyholders is also available to non-UAE Onshore policyholders and therefore we will be separating the mirror funds into two ranges.
From 16 November 2026, the current fund range will be restricted to investment from our Rest of World designated policyholders only (referred to as the "Rest of World mirror fund range"), retaining the current FPIL fund codes at the front of the name. We will create a new range exclusively for investment from our UAE Onshore designated policyholders (the “UAE Onshore mirror fund range”) which will become the fund range available to UAE Onshore designated policyholders.
The funds in the UAE Onshore mirror fund range will be a replica of the currently available funds, with the same names, investment objectives and charging structure. To differentiate them, the UAE Onshore mirror funds will be designated with a new FPIL fund code prefix, primarily starting with the letter Q. They will be created for the purpose of the segregation and will launch with the same unit price as the corresponding fund in the Rest of World mirror fund range using the 16 November 2026 price date. The unit prices will then follow the price of the segregated funds in the future.
Please note that there could be a small deviation in the published unit prices for the UAE Onshore mirror funds and the corresponding Rest of World mirror funds, due to the timing and volume of transactions within each mirror fund. This can therefore create small differences in performance between the funds under each range over time.
There will be no change to the underlying investments to which the UAE Onshore mirror funds are linked. The UAE Onshore mirror funds will become available for investment upon launch and from that date onwards from that date onwards will be the specific range available to UAE Onshore designated policyholders.
Implementing the asset segregation on UAE Onshore designated policies
On 16 November 2026 (the “Switch Date”), current holdings will be switched, and any regular future premium allocation redirected (where applicable), into the corresponding UAE Onshore mirror funds. Policyholders will not be disadvantaged by the switch of holdings into the corresponding UAE Onshore mirror funds and no charges will occur as a result of the switch.
Policyholders will see the same number of units transferred from the existing fund holdings into the corresponding UAE Onshore mirror funds on their policy. This may take up to five working days to be visible on policies through the FPI Portal.
Please refer to the Appendix in the sample policyholder communication opposite for details of the mirror fund range showing the current FPIL fund code and the new UAE Onshore mirror fund code that will apply from 16 November 2026.
Where policies currently hold one or more of the three mirror funds detailed below, no action can be taken in relation to those holdings while the funds remain suspended. They will therefore not be included in the switch and will continue to be held under their existing FPIL fund codes. We will contact impacted policyholders separately if any further action becomes possible or is required.
- L14 HSBC Russia Equity
- P48 Barings Eastern Europe Side-Pocket (USD)
- L99 Fidelity EMEA Side-Pocket (USD)
UAE Onshore designated policyholders do not need to take any action as a result of this notification as the changes detailed above will happen automatically in their policy.
Switches and regular premium redirections
Until the Switch Date, impacted policyholders are free to switch their existing mirror funds, and/or to redirect future regular premiums (if any), to a different mirror fund in the current range should they wish.
This can be done, without charge, by completing a Switch/Redirection instruction form and returning it to us or, if registered for access, conducting a switch online through the FPI Portal.
Following the Switch Date, policyholders will continue to have the option to switch at any time, free of charge, within the designated UAE Onshore mirror fund range. The FPI Portal will be updated to reflect the UAE Onshore specific fund range after the Switch Date.
Updating the Interactive Fund Centre with the UAE Onshore fund range
To ensure advisers and their clients can select the correct mirror funds available to policies under each region designation, our FPIL websites have distinct Interactive Fund Centres. These are Rest of the World, UAE (which presently includes the same funds as Rest of the World), Hong Kong Offshore*, and Singapore.
*We do not currently have an Interactive Fund Centre specific to Hong Kong Onshore designated policyholders. Details of these funds can be found on the Hong Kong Onshore website and via the Hong Kong Offshore fund centre.
Please note that the Interactive Fund Centre on our FPIL UAE website may be unavailable for several days following the Switch Date, while we make the necessary changes to update it with the new UAE Onshore specific mirror funds. We will endeavour to bring the fund centre back online as quickly as possible.
Notifications issued
We have contacted impacted policyholders and their financial advisers to notify them of the above changes; primarily by e-shot, with letters sent by post where we do not hold a valid email, and to those who prefer to receive letters by post.
Any policies in UAE-specific products that are not classified as UAE Onshore are designated as Rest of the World policyholders. They will continue to be invested in the Rest of World mirror fund range, are not impacted by the above segregation and have not been contacted regarding these changes. Any policyholder who is unsure of how they are designated or which fund range to access, can contact our Customer Services Team for clarification. Advisers can also use Link Plus to check policyholder designation via the "Policy Region" field on the General tab.
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Should you have any questions regarding these changes, please contact the Investment Marketing Team.
Should you have any general policy questions, please contact the Customer Services Team.
