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.
Sean Christian, managing director at Canada Life, said the introduction of the code will only have a “light touch” for the group as its main market is the UK.
“I can see how the code is a hot topic for the other life companies on the island.
“Especially around the issue of commission disclosure, and if that gives them a competitive disadvantage against life companies in other jurisdictions that maybe do not have to comply to the same degree.
“But for us, and our major market being the UK, we went through RDR in 2012.
“So, for us this is other jurisdictions and other companies having to catch up with what we have lived with for several years now,” Christian 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.