UPDATED: Insurers headquartered on the Isle of Man will no longer have to provide customers with generic information about commissions and fees from 1 January 2018 after the island’s regulator scrapped its plans, in a move welcomed by the industry.
John Bourbon, the former director of Isle of Man-based Premier Group, the company behind the ill-fated £300m New Earth Group of funds, has described the regulator’s decision to investigate allegations of mis-selling against the fund manager “something of a witch hunt”.
The Financial Conduct Authority has ordered Glasgow-headquartered Intelligent Pensions to stop providing pension advice in the latest in a series of actions taken by the UK watchdog to clamp down on pension transfers.
The Isle of Man financial services regulator is considering scrapping broad commission disclosure requirements for life companies headquartered on the island, in favour of implementing policyholder-specific disclosures by 2019, according to industry sources.
International insurance companies headquartered on the Isle of Man will only have to spell out to customers how much commission they will have to pay to intermediaries over the life of the product at the end of the sales process.
