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RL360’s David Kneeshaw on the Isle of Man’s strong regulatory regime

In our video, RL360 Chief Executive David Kneeshaw explains why Isle of Man regulation gives the offshore advantage to financial services companies on the island.

He explains how a solid approach is proving vital to those with offshore savings and offshore investments who want to ensure a safe haven for their money.

The Isle of Man’s approval process, explains Mr Kneeshaw, is crucial in providing security for financial advisers and their clients. He also propounds the benefits of a properly regulated jurisdiction such as the Isle of Man, over what he calls “dodgy tax havens” which claim to offer quality services.

Why Isle of Man regulation is the standard

The Isle of Man is a self-governing British Crown dependency with a strong regulatory regime. It has its own democratically elected Parliament, judicial system and laws. In addition, the Isle of Man has healthy reserves along with a stable and diverse economy with 30 years of economic growth.

The Island is regarded as a leader in international regulation best practice and has received praise from global bodies including the IFM, OECD and G20 for its commitment to financial and supervisory standards.

A world leader for offshore life insurance, the Isle of Man protects investors with a range of statutory measures, including the Insurance Act 2008, which requires all companies in the Isle of Man to ring-fence 100% of policyholder assets.

The Isle of Man also operates a policyholder protection scheme which means that, in the event of a life insurance company being unable to meet its liabilities, and subject to the regulations, the scheme manager will pay a sum equal to 90% of the amount of the insurer’s liability, out of the Policyholders’ Compensation Fund, subject to the terms of the scheme.

Moreover, the Isle of Man Financial Services Authority, under whose jurisdiction RL360 falls, is highly respected worldwide and liaises closely with international colleagues to ensure those who choose the Isle of Man can be sure they are supported to the highest standard.