SOCIETY UNDERVALUES RETIRED POPULATION

MGM Advantage – ‘Our Retirement Nation’ report
SOCIETY UNDERVALUES RETIRED POPULATION

A new report reveals that the UK’s ‘Retirement Nation, which includes all retired people, saves the state and society at least £25 billion a year through unpaid care, community and voluntary work. But the report, ‘Our Retirement Nation’, which was commissioned by MGM Advantage, warns that the contribution made by this part of society is not fully recognised and that the government and society as a whole need to do more to understand their emotional, health and financial requirements.

MGM Advantage is calling for fundamental changes to ensure that the Retirement Nation gets the respect and support it deserves from society, the media, the financial services industry and the government. Its recommendations and key findings are:

• Respect – A change in attitude towards the Retirement Nation and greater recognition for retired people and what they contribute to the UK – only 14% of retired people feel valued by society.

• Representation – The Retirement Nation is a big part of the UK society for what they contribute (£25 billion through unpaid care, community and voluntary work), but also the help and support they need. The Retirement Nation needs a voice. MGM Advantage recommends the Government creates a Minister for Retirement.

• Education – More done to help people maximise and make the best use of their financial wealth in retirement. The first step is to help people improve their basic knowledge about retirement and finance – 31% of retired over 55s have not heard of the Open Market Option. The financial services industry, government, and media all have a role to play in achieving this.

• Simple products – Financial services and government need to continue to work together to innovate and design new retirement products that meet the needs of the Retirement Nation and are easy to understand, accessible, and offer good value – only 29% of over 55s know exactly what an annuity is.

• Ownership – People need to take ownership of their retirement planning – from building up a pension pot in their 20s and 30s to making the best retirement income decision when they retire – 54% of non-retired UK adults are not at all prepared for retirement3.

The report highlights how the UK’s Retirement Nation is collectively saving the government and society £15.4 billion a year by taking on the unpaid care of grandchildren, parents and other family members. In addition to this, retired people are undertaking voluntary work worth at least £5.6 billion a year and charitable work worth at least £3.7 billion a year.

MGM Advantage, which is a retirement income specialist, warns that the role played by this major part of society is not fully recognised. Almost a third (30%) of retired people think they are undervalued and not respected by society, while just 14% feel valued, while the balance (55%) say that they are sometimes treated badly.

Craig Fazzini-Jones, Executive Director, MGM Advantage said: “This report paints a wonderfully colourful picture of the rich diversity of the 11 million people who make up our Retirement Nation and why they deserve our respect and attention for the contribution they make to the society. However, it also portrays a worrying picture about how these people prepare for and fund their retirement and sends a clear message about our responsibility to do more to support our Retirement nation.”

With the number of retired people in the UK growing significantly, MGM Advantage says that greater consideration has to be paid to their contribution as well as demands placed on society. It also believes there should be a fundamental change to the way that retired people are treated and that more should be done to challenge the pre-conceived notion of retirement.

21 Ways to Cut Expenses for the Isle of Man consumer

1. Use the public library to check out movies or books for free (if Isle of Man Government hasn’t already closed yours!).
2. Consider dropping your land line phone at home. Your mobile phone may be all you need and some come with free long-distance services but bear in mind internet requirements.
3. Send free e-cards and save on postage.
4. Stop buying clothes that are “dry clean only.” Learn to iron!
5. Don’t renew subscriptions to publications you don’t have time to read.
6. Only use ATMs where you won’t be charged service fees.
7. Pay with cash when possible—psychologically it’s harder to spend cash than using credit cards, and you’ll save on interest charges.
8. Pay off short-term debt such as payday loans, overdrafts and storecards as the annualised interest rate charges are typically very high.
9. Check your credit history. Go to http://www.checkmyfile.com and make sure everything is accurate. Good credit may mean lower interest charges.
10. Pay attention to the total expense ratios on investment and pension funds you buy. And don’t buy any when you can’t find them out!
11. Cook in bulk and freeze.
12. Purchase a programmable thermostat for your home.
13. Only do full loads of laundry and fill the dishwasher before running it.
14. Bring your lunch to work (eg homemade soup) or scout out the inexpensive places to buy lunch.
15. Be a smart grocery shopper—cut coupons, shop at discount stores, and stock up on sale items only if you need them.
16. Fill prescriptions with the generic form of the drug.
17. Keep up maintenance on cars. It may prevent costly future problems.
18. Get free annual medical check-ups (Well woman or Well man checks) to prevent costly future problems, such as being off work long-term due to an avoidable health problem.
19. Wash your car at home and skip the car wash.
20. If you see something in a catalog that you want to buy, wait a week before ordering to see if you still really want it.
21. Pay bills online. Save postage.
Source; American Family Insurance, amended for the Isle of Man consumer

RDR update and dreams of an idealist

How do you really put Financial Services in the Isle of Man on the map for the right reasons when faced with such dire headlines as only this week? I refer to the “Bank denies mis-selling” story – see; http://www.iomtoday.co.im/news/isle-of-man-news/bank_denies_mis_selling_1_4074609

“RDR” is a phrase that is causing much controversy and some fear in the UK amongst those involved in providing financial advice to consumers. Not since the first UK Financial Services Act (1986) has there been such a shake up of the system of providing financial advice to consumers. The UK’s FSA has been disappointed with the results of its earlier legislation and practice on the topic and is now proposing wholesale changes that will take effect on 31 December 2012. In the mean time advisers are expected to get their houses in order in preparation for the new regime.

The proposals are wide ranging and detailed. The FSA says it wishes to push through the changes to improve consumer confidence in products and services and to address poor standards amongst financial advisers. They believe the changes will raised standards of professionalism, improve clarity and reduce conflicts of interest that have plagued the industry. Their vision is to raise IFAs’ game and to move them in to the circles of other fee paying professionals. The new rules will be in place for the start of 2011 with minimum qualifications to be achieved by 31st December 2012 and in the Isle of Man only a year later.
For an industry that is already regarded as a lifestyle choice and populated by an increasingly aged group of people, it is clear that something must be done or else the availability of financial advice will reduce as more people leave the industry and large corporations switch to a product sales model. Add into the mix the fact that currently 70% of individuals do NOT seek financial advice.

Arresting the decline in numbers of advisers, I believe can be achieved through working with government – Departments of Economic Development (DED) and Education using public/private partnerships. Broadly my ‘dream’ involves a framework of a ‘home-grown’ financial services degree with core and satellite subjects offering vocational credits and recognition towards Chartered status from certain Professional Institutes, such the Chartered Insurance Institute. After all, in these austere times, wouldn’t it make sense for the Isle of Man taxpayer to fund core subjects at higher education establishments locally, rather than non-core ones in the UK? – yes, that’s controversial I know.

However, developing the plan a stage further forward thinking companies, including IFAs, Life companies (representing the largest proportion of private sector employment in the IOM), captive insurers and General insurance Broking firms, large and small, can see a less costly and risky way of bringing in new talent to a sector where grey men in suits are the norm, where at the moment there is a dearth of young talent taking these vocational qualifications. Such a scheme would go a long way towards ensuring the future succession plans of their business, increasing profitability, especially where you throw into the mix an apprenticeship type incentive, and you have potentially the biggest ‘jobs opportunity’ advert to appear in Isle of Man Newspapers ‘job vacancies’ column. We all want the Isle of Man to succeed as a ‘Centre of Excellence’ in one form or another; most of the infrastructure needed, including mentors, both private and public is already here for Financial Services which is a vital support for all the diverse industries DED are so keen to attract and retain.

To go back to RDR, advisers need to respond to the new environment now, not least because the Island’s regulators will adopt the proposed changes and already have progress towards qualifications on their radar. UK providers changing systems to cope with RDR in time for 31st December 2012 are hardly going to go out of their way to accommodate a minority market like the Isle of Man. Does this mean those with their heads stuck in the sand need to look for another role? We’ve heard it all before about having 30+ years ‘experience’; Because, how do you know what you don’t know if you don’t know what you don’t know?

Sound financial advice will be important to all clients. In the current economic climate where negative headlines like the ‘Isle of Man Bank Adviser sells terminal cancer patient annuity’ are sadly, all too common and call into question impartiality and conflict of interest (with targets for bonuses?). As circumstances and appetite for risk change as a result of external influences, all clients should regularly review their plans and financial goals, then go and employ the best adviser for the job. You can be sure Thornton Associates Ltd, as the Isle of Man’s first firm of Chartered Financial Planners will be ready and able to help clients, both existing and new.

Sharon Sutton FPFS Chartered Financial Planner

What to do if you missed the Isle of Man Tax deadline

As we are all aware, 6^th October was the date by which an individual’s personal tax return must be filed with the Income Tax Division (“ITD”) for the year preceding 5^th April 2011. Sharon Sutton, a Chartered Financial Adviser at Thornton Associates, talks to Barry Hennedy, a Chartered Tax Adviser at Taxmann Limited, on the importance of this date in the tax calendar.

What happens if the tax return is not filed by the due date?

There are a number of important points here. Firstly, you may be liable to a penalty of £100. Secondly, you should still file the return as soon as possible after the deadline because the closer you get to 31^st October the greater the risk you will receive a default assessment.

What happens if I receive a default assessment?

A default assessment is an assessment raised by ITD which is an estimate of your liability. It is important to realise that this does not excuse you from the requirement to complete and file the income tax return. Also, you should pay what you believe to be your true liability because interest may arise if it proves to be higher than the default assessment.

What if I think my liability is less than the default assessment?

You should still pay what you believe to be your liability and you can request ITD to postpone collection of the balance but they may only agree to this if the outstanding tax return has been completed and filed.

So it’s still important to complete and file the return?

Absolutely, for many reasons. Firstly it is your legal responsibility to complete the tax return not your agent, who may be your accountant. It is you who will be prosecuted not your agent. Secondly, if the return is not filed with ITD by the following 6^th April, you will receive an additional penalty of £200. Finally, it is possible for the default assessment to become final and conclusive, in which case it may not be revised even if your true liability is less, which could have serious consequences. For example you may lose your entitlement to deductions and other reliefs.

Any other reasons?

Plenty. If you are a subcontractor then outstanding tax returns may affect your ability to get a subcontractors certificate. As a business it may be difficult to get government contracts because your tax affairs are not up to date. Finally if you are seeking a loan the lender may want confirmation that your tax affairs are up to date because they want comfort that there are no liabilities which have not been taken into account.

Can the return be filed online?

Yes. It is possible to manage all your tax affairs online including filing your tax return, certain other returns and receiving assessments and notices from ITD and reviewing previous returns and assessments. You can also pay any outstanding liabilities online. You should consider online filing as an alternative. Register and enrol at www.gov.im/onlineservices

Any other points?

You shouldn’t delay filing your return just because you are missing some figures, for example you may not have received an interest paid certificate. You can estimate the figure on your return but you must be careful to tick the box to show that it is a provisional amount. This is equally important with income. If you do not then you may be making an inaccurate return and could be liable to interest and penalties.

We are very happy to provide any information we can to assist with the completion of your tax return. The earlier you get the information the sooner the return can be done.

Global Investment Markets – not for the faint hearted at the moment

Global investment markets are not for the faint hearted at the moment.

It is likely more stable conditions will return in due course –when the politicians come back from holiday in September and face up to their issues. Of course volatility is affecting even the best quality holdings as prices are forced downwards by indiscriminate sellers who need liquidity. We’ve seen it happening before not so very long ago.

I like the following commentary by Alan McIntosh, Cheviot CIO, on the latest market conditions.

“Market update – reading the mood music

The recent rally in markets evaporated yesterday on further disappointing economic data. The US Philly Fed survey, which measures business conditions, fell to its lowest in two years, when the US was last in recession. Bear in mind, however, that this survey was conducted while the US was suffering the paralysis of negotiations over the debt ceiling and may be unduly pessimistic. Nevertheless, if the US does go back into recession later this year or early next, much of the blame rests firmly with the ineptitude of the politicians. In Europe, things are not much better. The Merkel / Sarkozy meeting gave us precisely nothing other than the prospect of a financial transactions tax. As they return to the beach, the ECB is left on its own to put out the fires in euro land. Banks were particularly hard hit yesterday. They are seen as a proxy for the woes of sovereigns. Markets are registering the seeming inability of the authorities to grasp the issues facing their economies.

Stockmarkets, if not pricing in outright recession in the US and Europe, are certainly factoring in much slower economic growth next year (and therefore lower corporate profits). Gilts and US treasuries continue to see lower yields, with investors willing to accept substantially negative real yields for “safety”. One can’t help but feel, however, that this will end in tears, since the finances of the UK and US are hardly solid.

Defensive shares are holding up comparatively well, offering solid cash flows and dependable yields. The trailing yield on the All-share index is now 65% higher than that of a 10-year gilt. On any sensible assessment of value, that is surely wrong. Nevertheless, investors are extremely risk averse at present and you would be forgiven for thinking that the mood music was closer to Mozart’s Requiem than Beethoven’s Ode to Joy.”

Last week banking shares suffered the steepest losses on the FTSE 100, on mounting concerns over the eurozone’s debt crisis. Resources stocks also dominated the loser board, amid fears that weak global growth will sap demand. Meanwhile, the yield, or implied interest rate, on benchmark US 10-year treasury notes fell 12 basis points to 2.05%, after touching a record low of 1.98% in an investor flight to safety. Similarly, gold prices jumped 1.7% to $1,819 an ounce, after hitting yet another record high at $1,826.

‘The gold market is telling us that we are potentially heading towards a second and perhaps more damaging economic crisis,’ warned Ross Norman of bullion brokers Sharps Pixley.

You could be forgiven for thinking ‘lets buy gold’, but…. buy gold at its highest point in years? This is very much like all those people who purchased property at the height of the boom or all those people who got on the dot.com bandwagon at its high point. I can’t say for certain you’re wrong but buying an asset as it screams towards a ‘peak’ should be considered with extreme caution. If anything, if you already hold gold, consider taking some profits.

Surely it makes more sense to look out for those so many now undervalued companies that were cheap before and are now at below bargain basement levels. FTSE 100 is at a one year low and it seems more right to buy shares now – that is if you are in it for the long term.

If the Euro fails maybe gold was a good idea, but if, as seems more likely, we bump along the bottom for a while and the Euro survives, then buying and holding gold could cost you dear. Companies as a whole are very profitable; it’s just the lack of clarity going forward that ’causes young men to panic’ as one IFA posted recently on Citywire.

The moral; have enough money to do with in life what you want to do (for the short to medium term). For the rest; have a diversified, risk-rated, managed and monitored portfolio – and pick a team you know to be qualified, licensed and above all that you trust to provide that service for you.

MNA Fraser Simpson (International)

We understand that MNA Fraser Simpson (International) Limited has recently written to its clients around the world to advise that they are closing to new business on 30.06.2011 and are taking steps to surrender their Isle of Man investment license. Upon receiving this news one of their clients contacted us to request we take over as their offshore independent financial adviser. The IOMFSC website does not yet confirm this news and they were unable to comment when we rang them today (06.07.2011).

Thornton Associates Ltd are the first firm of Chartered Financial Planners in the Isle of Man with years of experience in looking after and advising British Expatriate clients from an offshore base.

If you are a client of MNAFS and require a relationship with a strong, well established and quality firm of licensed Independent Financial Advisers (IFA’s) with a demonstrable commitment to providing a reliable and ongoing service from a well regulated base such as the Isle of Man, we would be pleased to assist with your financial planning, now and in the future.

To find out more about Thornton Associates Ltd (TAL) and how we work visit our website on www.thorntonfs.com

Inflation in the Isle of Man; Up, up, up, down and up again!

The Island’s inflation rate fell for the first time in almost a year last month, but as expected the relief was short-lived with an increase again in June.

The annual rate of inflation given by the Retail Price Index fell from 6.7 per cent in April to 6.3 per cent in May but went back up again in June to 6.4%.

According to figures from the Treasury, the rate has been steadily rising since late 2010.

And the data shows air travellers are facing huge hikes – fares have risen on average by almost 22 per cent, whilst sea travel has risen by just over seven per cent.

Inflation rates in Britain (our main trading partner) are at their highest among developed countries and rising, and pressure is again on the Bank of England to raise the Base Rate of interest from its current 0.5% although the decision last month was to leave it unchanged. Can the Base Rate remain at the historic low of 0.5% much longer?

The main problem with inflation in the Isle of Man is that most of ours is imported. We have to bring in all the fuel to power our cars, heat houses and run our power stations to say nothing of clothing, food; in fact we are net importers of just about everything.

Savers continue to have difficult choices to make about exposing some of their money to investment risk or accepting an erosion in purchasing power.

Cash is most widely known for being subject to inflation risk where over time, its purchasing power is typically eroded by the rising cost of goods and services.

Keeping your money in cash can also result in ‘shortfall risk’, which is the risk of failing to achieve your financial objectives. Over time, cash typically produces the lowest returns of any major asset class. This is the result of the relative security of cash compared to, say, company shares.

Don’t forget ‘Corporate risk’ which is the danger that the bank or building society looking after your cash savings will get into financial difficulties and be unable to meet their obligations. In the IOM, individual savers are protected by the Depositors Compensation Scheme (DCS) which mitigates this risk, up to a maximum limit of £50,000 per saver per institution – but not necessarily within an immediate time-frame.

“The Island’s inflation rate has fallen for the first time in almost a year.

The annual rate of inflation given by the Retail Price Index fell from 6.7 per cent in April to 6.3 per cent in May.

According to figures from the Treasury, the rate has been steadily rising since late 2010.

And the data shows air travellers are facing huge hikes – fares have risen on average by almost 22 per cent, whilst sea travel has risen by just over seven per cent.”

However don’t get too excited. Inflation rates in Britain are at their highest among developed countries and rising, and pressure is again on the Bank of England to raise the Base Rate of interest from its current 0.5% although the decision last month was to leave it unchanged. Can the Base Rate remain at the historic low of 0.5% much longer?

Savers continue to have difficult choices to make about exposing some of their money to investment risk or accepting an erosion in purchasing power.

Cash is most widely known for being subject to inflation risk where over time, its purchasing power is typically eroded by the rising cost of goods and services.

Inheritance Tax in the Isle of Man? What next?

Inheritance Tax in the Isle of Man? What next? I thought that would get your attention. Being asked to write an article about such a riveting subject as inheritance tax (IHT), when most people in the Isle of Man believe it has nothing to do with them, is a challenge. This is even more true if you consider that more than half of our population do not even have a Will with the most common justification being ‘I haven’t got around to it yet’.

Both these matters are beyond most people’s time horizon and put as far out of their minds as possible since none of us like the idea of dying – at all. Unfortunately at some time we all have to face the idea that no-one gets out alive.

Isle of Man residency has the advantage of excellent tax rates and for the most part that includes no IHT. However, there are traps to be aware of, but with the correct professional advice, these can be planned for and possibly even avoided.

UK ‘Situs’ Assets. It is quite usual for people living permanently in the Isle of Man to hold UK assets, particularly property and investments. If these assets are in your personal name and valued at over £10,000, your executors (or estate administrators if you haven’t made a Will) are going to need to obtain a UK grant of Probate/Letters of Administration to distribute the assets. IHT can arise even if you are born and bred in the Isle of Man if your UK assets are over the current IHT threshold. Therefore without the correct planning your estate is liable to get an IHT bill to pay before the assets are released. With proper advice the IHT exposure mentioned above can be completely avoided.

The various options available usually include the use of an Isle of Man company or an offshore Life Assurance Bond. The former option means ownership of the asset is transferred to the company: this means the individual then owns shares in an Isle of Man company rather than a UK asset. The method of transfer of the asset from the individual to company merits careful consideration to avoid unnecessary tax liabilities: in some cases the use of a trust may also be contemplated. Not only can correct tax planning ensure that IHT is avoided it can also avoid the necessity for UK probate.

A really important note is that where UK equities, for example, are held by a stockbroker/investment manager in their nominee name, they may not be protected from taxation. Use of the broker’s nominee name does not avoid exposure to IHT and anybody who is holding UK assets under the misapprehension that the nominee name will protect them from IHT should obtain professional tax advice immediately.

The Deemed Domicile Rule. An issue which we come across on a regular basis is where an individual has moved from the UK to the Isle of Man within the last three tax years. Even though this person or family has made the Isle of Man their permanent home and intends to stay here, their estate and any gifts they make are still within the scope of IHT for at least that period. Beyond this IHT can still be an issue; for example if the individual is seriously ill and has to attend the UK for treatment, or has to go to the UK to care for elderly and sick relatives. You may need to consider planning carefully to ensure potential IHT liabilities are mitigated or avoided altogether.

Isle of Man Domicile? Someone living in the Isle of Man having made the Island their permanent home or perhaps was born in the Isle of Man but is currently living elsewhere on a temporary basis may be in the advantageous position of having an Isle of Man domicile. The big advantage of Isle of Man domicile is that their estate, for the most part will not be subject to any Isle of Man estate taxation. But, if the individual holds UK assets, for example, UK property, a portfolio of UK investments or a beneficial interest in a trust with UK assets then IHT may apply. This is because any UK assets held by a non-UK domiciled individual are potentially exposed to IHT rates at 40%. This exposure can be relevant in two circumstances: firstly, if any of these UK assets are gifted, perhaps to an individual or a trust and secondly if the individual dies holding UK assets. We often find that people delay getting proper financial, taxation and Will planning advice due to a lack of understanding of their current and future financial positions.

What can you do? By spending some time with a Financial Planner with an up to date knowledge of both the UK and IOM tax regimes, it is possible to then meet with an advocate and/or tax adviser fully armed with a statement of of assets and liabilities, along with a better understanding of your estate planning wishes which I’m sure do not include gifting assets to HMRC in the form of 40% tax!

Sources; Chartered Insurance Institute AF1 syllabus, PKF (IOM) LLC

FSA Approves CII as an Accredited Body

Fay Goddard, CEO of the Personal Finance Society today wrote to all members to advise that the CII has been provisionally approved by the FSA as an Accredited Body ahead of the implementation of the RDR. The Personal Finance Society (PFS) is part of the CII Group, so PFS members will continue to benefit from the reputation, backing and financial security of the world’s leading professional organisation for insurance and financial services.

The CII has almost a century of experience as a professional body, having received its original royal charter from the Privy Council in 1912. Its mission remains unchanged by maintaining the professional competence, ethical and technical standards of the profession in order to secure the trust and confidence of the public. Globally renowned for its market leading training and qualifications for the financial planning and insurance sectors Goddard strongly believe that PFS membership can continue to enhance the reputation of those committed to adhering to the highest professional standards.

She says the PFS provides a wide range of valuable benefits to members including a nationwide programme of high quality Continuing Professional Development. The PFS regional support network is invaluable for many of our 29,000 plus members and our innovative tool has already lightened the gap fill workload for thousands of members. Very soon those members requiring a Statement of Professional Standing (SPS) will be able to add this, at no extra cost, to the range of other benefits they enjoy as part of their existing membership.

She said ‘Rest assured that your professional body membership matters more than ever to your clients and recent research by JP Morgan found that consumers placed considerable importance on membership of a reputable professional body; in fact it was the third most important driver that would make them willing to pay an adviser.’

Full details about the requirements to obtain an SPS and the process for PFS members to submit their application will follow shortly.

Space talk marks new Presidency for Chartered Insurance Institute

The Isle of Man Insurance & Financial Services Institute (The local branch of the CII and Personal Finance Society, PFS) recently hosted a talk on ‘Ensuring Space’ by Tim Wakeman, Executive Vice President of Aon International Space Brokers. The talk followed the Institute’s Annual General Meeting during which Sharon Sutton of Thornton Associates became the new President of CII.

Sharon Sutton, who is preceded by Nick Boon of Gough & Co., will take up the presidency for a year, which involves assuming responsibility for a number of CII events and activities. Sharon commented, “I am excited about taking on this new role for the year ahead. As a Chartered Financial Planner, being President gives me an opportunity to pass on my experience and knowledge in the sector. The CII local council is made up of a motivated group of industry professionals and we will continue to drive up awareness of the relevance of the CII and its extended family (Financial Service, General, Captive Insurers, Life Companies etc.), supporting our members to increase and maintain their professional standards. We very much embrace the challenges ahead to lead the financial services community towards higher levels of professionalism through a wide programme of activities. We believe professionalism means ethical and behavioural standards, interpersonal and business skills and technical knowledge. This will lead to the ultimate benefit of the profession and consumer alike.”

The event’s speaker, Tim Wakeman is a space insurance broker responsible for the placement and servicing of insurance programs for a large number of customers. He has 28 years of experience in the industry and has worked in the field of space risk for over 10 years. Tim gave an introduction to the space insurance industry and talked about its capacity and future trends. He commented: “Space is an area that has appeal to most people. However, many don’t realise the lengthy assessment of risk that goes on behind each satellite launch and space mission. The Isle of Man has shown focused attention on its space industry and promoted itself as a centre of excellence. A great deal of the work that is done here contributes to space development on a global scale.”

Sharon continued: “It is a pleasure to have someone of Tim’s calibre speaking on a subject that many of us know little about. However, space has been a relevant topic in the Isle of Man recently and we can all gain from some more in depth knowledge on the subject. His presentation highlighted the importance of the UK insurance markets being, globally, the largest player in insuring space”

The Isle of Man CII hosts regular industry events, training seminars and social activities for its members. For more information visit http://www.cii.co.uk/cii/localandglobal.aspx

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