MIA deputy chairman Gill Marples said Isle of Man-based insurance companies are on target and "confident" to meet the looming changes to the way they do business with UK investors.
These assurances were prompted by the results of a survey by Capital Financial Software suggested more than half of all offshore investment and retirement products still failed to meet the new retail distribution review (RDR) regulations, the MIA stated.
A source close to the UK industry suggested that the changes required by offshore providers may be “more easily catered for than many large onshore providers who are in a race to be ready in time,” it further stated.
The RDR regulations will come into force in the UK on December 31st 2012, in contrast to the Isle of Man’s own regulatory rules which will take effect a year later.
Marples said: “MIA members have been working for some time to ensure that their products and services are RDR compliant in time for the regulatory deadline.”
Some members have already released details of post RDR product and services and others will be releasing details over the coming months, she added.
