Isle of Man-based Quadris Environmental Fund has been declared in default by its American lender and had its bank accounts frozen, leaving around 1,200 investors fearing they will lose all or most of their investments.
The Isle of Man financial regulator is taking action against anti-money laundering and terrorist financing with new guidance rules aimed at “avoiding a tick-box approach” to assessing the risk of customer involvement in such activities.
There is no prospect that Isle of Man-based Premier Group will receive any of the £39m ($50.6m, €44.4m) the company is owed by a waste management company it funded through its New Earth Group collective investment schemes.
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.
A Shanghai-based financial adviser has heavily criticised the Isle of Man Financial Services Authority (IoMFSA) over how it has handled the fallout of the Quadris Environmental Forestry Fund, which invested in Brazilian teak plantations.
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 Isle of Man Financial Services Authority (IoMFSA) has met with the UAE Insurance Authority to compare notes on pivotal life sector reforms due to be introduced in their respective jurisdictions.
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.
Isle of Man treasury minister Alfred Cannan has confirmed that the island’s Financial Services Authority (IOMFSA) is “undertaking a review” of unregulated funds and will “make appropriate recommendations for change”.
Jersey-headquartered JTC Group has acquired Merrill Lynch Wealth Management’s International Trust and Wealth Structuring (ITWS) business, which provides the administration of trust services for the firm’s international advisory clients.
The Isle of Man financial regulator is to crack down on collective investment funds by setting out “effective” guidance rules to “safeguard the reputation of the island”.
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.
