What is an Ultimate Beneficial Owner?

Where a policy is arranged in the name of a business, we are required to establish whether that business has an Ultimate Beneficial Owner (UBO). This is any person who:

  • holds (directly or indirectly) more than 50% of the shares, or
  • holds (directly or indirectly) more than 50% of the voting rights in the business, or
  • has the right (directly or indirectly) to appoint or remove a majority of the board of directors of the business, or
  • is able to ensure the affairs of the business are conducted in accordance with their wishes.
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