IoMFSA chief executive Karen Badgerow told International Adviser that elements of the Code of Conduct for life insurance companies will be implemented in two phases.
“Firstly, the general requirements of the Code will be introduced in January 2018, with specific requirements for client level commission disclosure within the Key Information Document (KID) to be implemented in January 2019.”
It had originally been expected that the commission disclosure would come into force in January 2018.
The plan follows extensive consultation with both the industry and the Manx Insurance Association (MIA), she said.
Time to get on with it
“Now we know the direction of travel, the time for talking has stopped and we should just get on and make it happen,” David Kneeshaw, chief executive of Isle of Man-based life insurance company RL360°, told IA.
Kneeshaw believes that the changes are going to be “very good news for the whole industry; customers, advisers and life companies”.
As he witnessed during his recent travels to Asia and the Middle East, “all the good IFA firms are already planning how to change and are ready for the challenge”.
