Prudential International is refusing to commit to Ailo's campaign to create a level playing field for anti-money-laundering procedures.
Dublin-based Prudential International says it is considering the proposals but Ailo chief executive Stuart Fairclough says the plan was put on the table last October and all member offshore life offices have been updated on the discussions ever since.
The new standards are designed to protect against the reputational risk to the offshore industry of members competing on the basis of which jurisdiction or provider has the lightest-touch anti-money-laundering regime.
The initiative is intended to standardise procedures to make it easier for IFAs to deal with providers once the scheme starts on October 1. More than 30 Ailo member companies in seven jurisdictions in the Channel Isl- ands, Ireland, Isle of Man and Luxemburg will be covered by the plan.
Fairclough says: “I would be upset if companies said they did not know about or were not supportive of these proposals. To say these proposals are new is misleading.
“The first meeting on this took place in October 2003 and members have been copied in on developments ever since. It would be very unfortunate if Prudential International were not to support this initiative – the last thing that we want is regulatory arbitrage.”
Prudential International spokesman Darragh Leeson says: “The standards we have in Dublin at present are as high as in other jurisdictions. We are reviewing whether we will adopt these proposals – they have not been out very long.”