Canaccord Genuity Wealth Management, part of Canada-based financial services group Canaccord, has bolstered its presence in the Isle of Man by snapping up more than 100 client portfolios from former wealth manager Duncan Lawrie Private Bank.
The Isle of Man government has said it will not be forced to create a public register on the beneficial ownership of offshore companies until it becomes the “international norm” amid mounting pressure from UK politicians.
Isle of Man-based Premier Group, the fund manager behind the ill-fated £300m ($373m, €353m) New Earth Group of funds, will be able to pay its creditors in full, according to joint liquidator Craig Mitchell.
The Isle of Man’s High Court of Justice has appointed an inspector to look into the collapse of the $61m (£48m, €57m) Eco Resources Fund, after it went bust last November.
The Guernsey-based Channel Islands Securities Exchange (CISE) plans to open a representative office in the Isle of Man next month after rebranding as The International Stock Exchange (TISE).
Having avoided the high commission trap, Isle of Man-headquartered IOMA Group is well placed to thrive in the new world of fee disclosure and transparency, says managing director Chris Kenning.
When it comes to disclosing commission, Isle of Man-based life companies have revealed at least six different ways they pay intermediaries and asked the regulator to be clear on what it wants them to disclose, according to industry responses to a consultation paper.
Life insurance companies on the Isle of Man must provide broad commission disclosure from 1 January 2018 and policyholder specific commission disclosure from 1 January 2019 under the proposed new Conduct of Business Code.
EU officials have raised concerns over the Isle of Man’s beneficial ownership rules, revealing that limited data on the ultimate owners of companies registered to the island could make the crown dependency “vulnerable” to money laundering.
A team of UK politicians have been touring the Channel Islands and the Isle of Man as part of a fact-finding mission to establish what effect Britain’s exit from the European Union will have on the crown dependencies.
The Isle of Man Financial Services Authority (IoMFSA) has advised residents to tread carefully when making decisions about transferring or investing their pensions, following a rise in scams in the UK.
Nationwide International, the Isle of Man-based offshore unit of UK retail bank Nationwide, has announced that it is closing its doors in summer 2017 in a move expected to affect thousands of British expats.
