The Isle of Man’s forthcoming Conduct of Business Code change will lead to better business and the jurisdiction having a further elevated standing within international financial services, according to Simon Pickering, head of Insurance and Pensions, Isle of Man Department for Enterprise.
Speaking in relation to the forthcoming implementation of the Isle of Man Conduct of Business Code rule changes – set to be adopted on 1 January 2019 – Pickering, pictured left, said that the move towards greater consumer protection and more transparency would help boost relations between clients and advisers.
“The Isle of Man Department for Enterprise has been working closely with the Manx Insurance Association (MIA) and the Life sector over the last 12 months and is fully supportive of the Conduct of Business which is a further example of the Island adopting international best practice,” said Pickering.
“The Code places consumer protection and greater transparency at the very centre and reflects the direction of regulatory travel, globally.
“Better Transparency will help consumers take the right decision and further bolster their relationship with their financial advisers.”
Pickering pointed that the Isle of Man is home to 12 international life insurance companies housing more than 2000 employees stating that this “thriving sector” can boast to having the “broadest single location for international life insurance” in the world.
“Established for over 30 years the Life sector is a vital part of the Island’s economy and over 17% of GDP,” he said.
“The Island’s industry is the number one market for UK expatriates and HNWIs and the Island’s position continues to grow – in both assets under management and gross annual premium terms.”
Pickering added that in conjunction with the MIA the Department for Enterprise will continue to promote the benefits of the Island as a “centre for excellence for the Life industry”, and extolling the virtues of the Conduct of Business rule changes as “the way forward” for consumer rights.