Are life cos ready for looming IoM Conduct of Business Code?
By Tom Carnegie, 8 Mar 18
It is now less than a year until the Isle of Man Conduct of Business Code comes into force, International Adviser spoke to several firms headquartered on the island to see how they are preparing for the introduction of the regulation.
Simon Barwell, RL360° marketing director, said the group has been working on its plan to meet the code requirements for more than a year.
He said RL360° views the code as a positive move for consumer outcomes; as it creates an open, transparent and secure environment.
“We believe for consumers this is a good outcome, however, not all jurisdictions are pursuing the same time frame, if any, and therefore that may lead to behaviours which the code is aiming to eradicate,” he warned.
“It can also put Isle of Man companies at a competitive disadvantage while doing the right thing by the customer. The right thing is not always the easy thing,” Barwell said.
The code, Barwell said, will strengthen the Isle of Man’s position as the global hub for the financial services industry.
“We are fully supportive of the implementation of the Conduct of Business Code. We are well advanced in our preparations and we have embarked on a programme of education to the wider intermediary community,” Barwell said.
Tags: Canada Life | Conduct of Business Code | Old Mutual | Rl360 | Zurich
Maria Madrid says:
About time too!
The Isle of Man.has long been associated with financial shenanigans both on and off the island.
Perhaps they are cleaning up their act.
But don’t hold your breath!
[email protected] says:
The game is up, they only have one product outside of specialist contracts and that is TERM assurance, nothing else offers any value what so ever.