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Regulatory Bodies
Our products are regulated in 3 main areas; Guernsey, British Virgin Isles and the Isle of Man.
Guernsey; Luxembourg & Ireland:
There are no actual compensation schemes for policyholders in these areas.
However regulations have been put in place so that policyholders are protected as much as possible in the event of a life insurance company going into insolvency.British Virgin Islands (BVI) Policyholder Protection:
In the event of insolvency of an Insurance Company regulated by the BVI, Sections 237-243 of the BVI Insolvency Act regulates the possibility to continue to do long term business. This means that together with the BVI Insurance Act Sections 44-45; as all assets related to any insurance policy are totally separated from the Company Assets, no investment will be terminated due to insolvency but simply transferred to another insurance carrier.
Isle of Man:
The benefits of investing offshore include tax efficiency with regard to savings and confidentiality. Another key feature is that of security, and this is why the financial institutions with whom Phoenix Consultants Ltd choose to do business are typically based in areas like the Channel Islands and the Isle of Man, off the UK mainland. The Isle of Man is one of the world's leading offshore financial centres and offers unequalled levels of investor protection.
Regulations allow for the establishment of a fund out of which compensation is to be paid to investors in authorised collective investment schemes if a manager or trustee of an authorised scheme is unable to satisfy clients in respect of a civil liability incurred by them in connection with their business. The regulations also provide for the levying of contributions to the fund from managers and trustees of authorised schemes.
Compensation is as follows:
100% of the first £30,000
90% of the next £20,000
with a maximum compensation of £48,000
To date no defaults have taken place and consequently the Compensation scheme has not been activated. This gives weight to the Financial Supervision Commission's contention that the licensing criteria and supervision regime presently in existence, contributes in no small way to the stability and reputation of the Island 's fund industry.
Phoenix Consultants Ltd. Administration Centre: 1913 BB Building, 54 Sukhumvit 21 (Asoke) Road, Kongtoey Nua, Bangkok, 10110 Thailand
Tel: + 66 2 664 1265, Fax: + 66 2 261 0919 /29
info@phoenixconsultantsltd.com