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.
Peter Kenny, managing director of Old Mutual International, said the company “absolutely” has a plan in place to meet the requirements of the code when it comes into force.
Kenny said despite not having the final regulations yet, Old Mutual has known for some time the regulations will be changing and the broad scope of these changes.
“Our priority has been supporting advisers globally to ensure they make the necessary changes to their business in plenty of time.
“We are already seeing momentum build, especially in regions like the UAE, where they have their own local regulatory changes to deal with, but the direction of regulatory change is consistent, and advisers are realising the benefits of transforming their business earlier rather than later,” Kenny said.
Old Mutual International fully supports the changes the regulation will introduce, Kenny said, and believes they are important for the long-term sustainability of the industry.
“Regulatory change is happening across all markets and the direction of travel is the same.
“When advisers transition their business models they can see the added benefits this will bring to them and their customers.
“A sustainable business model with good customer outcomes is not something which disadvantages a firm,” Kenny 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.