Life companies based in the EU counting on the UK dependent territories to help them to continue servicing existing UK policyholders need to think again, warns Acuity Consulting’s Simon Willoughby.
Firms offering robo-advice have been accused by the UK’s Financial Conduct Authority (FCA) of using unclear charging structures and failing to protect vulnerable clients.
Former Prudential, AIA and Citibank employees have been prohibited from providing financial advice services in Singapore, after they were found to have mis-sold investment products.
IFA firms should “wrest control” of their businesses from life companies based on the Isle of Man before the Conduct of Business Code comes into force, the director of Thames River International has argued. A move described by one industry source as “dodgy” and a “stain on the industry”.
There is some good news for investors in the beleaguered EEA fund after RL360° confirmed the scheme is distributing around $15.1m (£10.9m, €12.2m) to holders of run-off shares.
