The Association of British Insurers (ABI) and Association of Professional Financial Advisers (APFA) have published joint guidance for insurers and financial advisers on the tax information requirements for new customers following the implementation of the US Foreign Account Tax Compliance Act (FATCA) in the UK. The new requirements require life insurers to know the tax […]

The Financial Ombudsman Service (FOS) has published issue 115 of ombudsman news. The newsletter focuses on annuities and cases involving bad weather-related insurance claims. A copy of the newsletter is available. http://www.financial-ombudsman.org.uk/publications/ombudsman-news/115/issue115.pdf

Case study 1   In October a motor insurance policy was purchased by Mr X. The premium was based on 4 years no claims bonus and the premium was paid by way of debit/credit card via the internet. Mr X cancelled cover on the 5th November and asked for the refund of premium to be paid […]

The International Association of Insurance Superviors (IAIS) has released a revision of ICP 22: anti-money laundering and combating the financing of terrorism (AML/CFT) for public consultation. The financial crime working group reviewed ICP 22 in light of the Financial Action Task Force’s (FATF) revision of its recommendations and methodology The main changes to the ICP […]

Willis’ Financial and Executive Risks Practice conducted a survey of London based Financial Institution Insurers regarding the perceived impact of AIFMD on the operational risks and Professional Indemnity Insurance programmes of alternative asset managers. There were two key themes which arose from the questions asked:  Firstly that 65% of FI Underwriters feel that the AIFMD […]

Anti-money laundering plans please Guernsey industry 20 Nov 2012 PLANS to revise Guernsey’s anti-money laundering framework have been positively received by the industry. The Guernsey Financial Services Commission has prepared revisions to the regulations and rules concerning anti-money laundering (AML) standards for financial services businesses. The commission’s intention to remove general insurance from the AML […]

French prosecutors have launched an investigation into possible money laundering by HSBC private banking clients after buying data stolen by a former employee of the bank. Eric de Montgolfier, the prosecutor from Nice in the south of France, revealed yesterday that his team are looking into thousands of accounts for evidence of money laundering, having […]

In October/November 2008, the International Monetary Fund (the “IMF”) visited Jersey to carry out an assessment of Jersey’s regulatory and anti-money laundering regimes as part of the Financial Sector Assessment Programme. In response to this IMF review and their report the Jersey’s authorities have now responded. These responses may be found in 4 seperate reports, […]