A day of meeting and sharing

At our 10^th Investment Forum in Brussels this month, intermediaries from around Europe had the opportunity to meet fund house representatives and OneLife team members during a day of discussions ranging from cross-border relocation to the role of non-traditional assets in life products.

The 10th edition of the OneLife Investment Forum at the Brussels Kart exhibition centre in Belgium on 19 October gave our intermediaries the opportunity to meet and discuss with representatives of many leading fund houses as well as our OneLife teams.

Cross-border and investment were the key themes of the forum, at which 43 fund houses were represented, including both long-term OneLife partners and new additions to the community.

OneLife CEO Marc Stevens opened the forum by introducing Pepper, a humanoid robot who interacted with visitors throughout the day through an iPad on its chest, providing information on OneLife and posing for selfies.

Participants chose among 38 sessions organised by OneLife and the fund houses in English, French and Flemish, on topics ranging from investing in a low-interest environment to exploiting risk premiums and combining alpha generation with lower volatility.

In the morning, the focus was relocation. OneLife wealth structuring team members presented portability case studies involving moving from Sweden to Portugal, from the UK to Spain, France to Portugal and Belgium to France. They were supported by external experts from Carnegie Private Banking, Uria Menendez, Baker McKenzie, Cuatrecasas, Arkwood and RPBA.

In the afternoon, OneLife investment relationship manager Ruben De Roover moderated the main conference, leading an interactive debate on flexible management involving DNCA Investments, Ethenea, J.P Morgan Asset Management, M&G, Investments and La Financière de l’Echiquier.

Non-traditional assets were also on the agenda. OneLife director of non-traditional assets Anthony Lorrain and financial assets analyst Liana Aghabekyan conducted a panel presentation providing insight into current topics such as: why Luxembourg life insurance is particularly suitable for non-listed assets; how non-traditional assets can be integrated into life insurance contracts; and risks relating to unlisted assets in regulated and non-regulated environments.

The formal proceedings were concluded by a lively debate on vital geopolitical and macroeconomic issues between two keynote speakers, leading economists Etienne de Callataÿ and Charles Gave.

OneLife demonstrated its prowess as a digital pioneer by enabling all visitors to benefit from Poken, a cloud-based event management platform that uses a device and touchpoints to exchange contact details, collect documents and provide live feedback on the event.

After a day of learning and networking, visitors enjoyed a dinner, a giant anniversary cake and musical entertainment to close this successful event.

Enjoy photos from the event => here – and save the date now for the next edition: 18 October 2018.

Article by Vinciane Derulle

GDPR in the life insurance sector: constraints and opportunities

On 12^th October, more than 200 professionals from the Fintech world gathered at the Novotel Kirchberg for the first edition of the RegTech Summit. While local and international experts focused on the opportunities brought by the use of RegTech solutions or on the importance of securing information in a big data era, Eric Lippert, COO of OneLife gave a presentation on the upcoming General Data Protection Regulation. How will it impact the life insurance sector?

Companies are not yet compliant

The COO of OneLife started by sharing numbers about the upcoming GDPR regulation, which assesses the readiness of companies: “In October 2016, 97% of companies in Europe had no strategy to deal with GDPR. 23% expect sanctions as they won’t be ready. And more than 50% admitted they won’t be fully compliant”. Yet, Eric Lippert thinks Luxembourg is in a good place and has a strong advantage compared to other countries in Europe, mainly because of the banking and insurance privacy laws, and the presence of authorities such as the CSSF and CNPD. “We have been dealing with data privacy for years” he added.

New rules will be game-changers for life insurers

Eric Lippert then listed several differences with the current privacy policies: in case of a data breach, companies will have 72 hours to provide the CNPD with all the relevant documentation, the fine will go up to €20m or 4% of the turnover. “It will have huge consequences for the companies who do not respect these new GDPR rules” explained Mr. Lippert. Another important aspect of the new European regulation will be the consent: as a matter of fact, the formal consent of the customer will be needed in order for companies to use the data. They will also have to be able to prove and provide it at any time. Finally, the ‘right to be forgotten’ will change the game, with customers now able to ask the insurer to delete all their data, and so will the portability aspect: insurers will have to facilitate the transfer of data if the clients request it. “The major constraint will actually be administrative, with the formalisation of the new rules. This requires the appointment of a Data Protection Officer and annual audits of the processes and rules in order to make sure the company remains compliant.

Eric Lippert ended his presentation on a more positive note, highlighting that GDPR also means new opportunities for life insurance companies: they will be able to take control of their own compliance, build a stronger client relationship based on trust, work on the quality of their data, enhance their digital marketing. “There is also a huge opportunity in Europe for centralised KYC” he added.

Focusing on the Essentials. Ready for PRIIPs financial regulation!

Learn more about the scope of the new regulation, its aims and requirements – and how OneLife has been preparing for the changes

All you need to know about the new regulation in this short video :

We all make resolutions for the New Year, amongst others to be prepared for the challenges ahead.

Packaged Retail and Insurance-based Investment Products, or PRIIPs, is a new EU Regulation due to enter into force on 1 January 2018. The aim of the regulation is to enhance transparency and comparability through greater disclosure to clients. This is achieved by providing investors with key facts and figures about the products, their purpose, costs and any potential risks before they make the investment. All through a standardised and mandatory document called Key Information Document (KID).

OneLife is founded on fresh thinking and a proactive approach. Get informed about the PRIIPs initiative through this short video!

“Create champions within your organisation”

On 21 June, in the afternoon, the OneLife HR and Digital managers, with the continued presence of Nicola Doherty from LinkedIn and Alizée Del Mastro from Lynda.com, presented the workings of the tool proposed by Lynda.com in full detail to the members of the executive committee, managers and beta-testers.

For Nicola Doherty, whose mission was to ensure that staff may benefit from the full capacity of the e-learning platform, “Lynda.com meets the needs of Millenials, always on the lookout for new skills and training”. She added: “in many companies the new generations justifiably complain of the lack of training. Lynda.com’s interest is as follows: staff will not need to spend hours on training. The idea is really to maximise the few minutes spent in order to refine one’s professional skills”.

Communicating, encouraging and sharing

The Regional Sales Manager also explained that the success of this training programme depends on the commitment of staff. This must be communicated, therefore: via newsletters, via the creation of an intra-company club or simply by creating and sharing a playlist of training which potentially corresponds to the various members of a team or to all the employees of OneLife. “Speak about it over lunch, initiate a discussion, create habits” Nicola Doherty recommends. The possibilities of communication within a team, and even for all the staff, are many: posters, sharing experiences or gamification techniques recompensed for the most assiduous employees. She added: “This tool will enable you to create real champions in your team, in your company. They share their successes and thus transmit their motivation to their staff. Why and how they use the platform? What is their favourite training? What is felt about their daily work and their missions? Share your figures! It is how you are going to promote the tool which will make it successful.” The training, if integrated into the performance evaluation process, will also enable the next stages of a career to be determined: leadership, management, but also more technical solutions, which must not be neglected. Nicola insists also on the importance of feedback and user experience: to managers, company management, but also to the LinkedIn and Lynda.com teams. “This feedback must be constructive and will enable all stakeholders to enhance the efficiency of the platform” the LinkedIn employee stressed.

Alizée Del Mastro went further: “Managers, create a learning path within your team! The training available on the Lynda.com platform enables your knowledge to be refreshed and updated. This is a crucial point in a company in the midst of transformation”. The videos are displayed according to their popularity, recommended and tagged: the Lynda.com algorithm thus proposes the training that most closely matches your profile. On the technical side, managers play the role of administrator on the platform, enabling them to assign training to their staff and to ensure that they have been followed, while adding personalised documents and messages. The aim is therefore to encourage the members of one’s team but also to align their skills so that they can complement each other. Lastly, reports can be produced: connection frequency, content viewed, devices used and much, much more. “It is important to monitor staff habits when this type of training plan is initiated. The manager must observe, understand and adjust, if necessary. Hence the great importance of feedback” Alizée explains. And as Nicola stresses, the purpose of these reports is to facilitate both the life of managers and of the staff who undertake the training.

A flexible e-learning platform

The beta-testers then shared their experience after several weeks of testing. For Nathalie de Kerchove of the Compliance & Risk department, “the strength of this e-learning platform lies in a great choice of training and it is very easy to access”. She also highlighted the flexibility of the solution proposed by Lynda.com: it is not necessary to spend hours or days on training Jérôme Lejeune of the Customer Services department drew the same conclusion: “The division into chapters is very practical, as is the possibility of pausing the training and videos that you have started”.

Lastly Laurence Parison, Chief Human Resources Officer, concluded by highlighting the importance of following your own training, and not only those imposed by the managers: “The mandatory training may be undertaken during working time, but everyone is responsible for developing their skills. Hence the great benefit of subscribing to solutions such as Lynda.com. So we can speak of a win-win situation for the employee and for the employer”.

Motivating and engaging teams around e-learning

The e-learning platform, available to all OneLife staff, was presented in the presence of Nicola Doherty, from LinkedIn and Alizée Del Mastro from Lynda.com. The specialists in online training thus presented, in detail, the possibilities now available to the employees of the life insurance company. A first for a Luxembourg financial sector player.

The event was also held in the presence of Nicola Doherty, Regional Sales Manager for LinkedIn, who started her presentation: “The primary mission of the professional social network is to create economic opportunities for all by making tools available to find a job on the one hand and enabling companies to find their future talent on the other”. But, today, competencies are changing and LinkedIn has fully understood this: the largest professional social network now offers an e-learning platform, after buying Lynda.com, the world’s leading online training platform, founded over 20 years ago, a few years ago. “Today Lynda.com is the biggest film studio, after Hollywood. Over 30 videos are released in English every week, and more than 10 in other languages” Nicola explained, adding: “these videos are created so that the student can benefit from all the time spent”. Her subsequent presentation was completed by Alizée Del Mastro, live from Austria.

“Our trainers are professionals, experts in their field. The e-learning solution enables you to update your knowledge, whether this involves software, soft skills or leadership. Some of the training modules will be sent to you directly by your managers, but it is also up to you to find those which can help you develop professionally. Be curious” Alizée Del Mastro explains. The training may last from 20 minutes to five hours, but it is possible to select the chapters which directly concern the interested parties. “They are different from professional training since they are much more flexible. They are available at any time and wherever you may be. They are sometimes also completed with exercises and can be downloaded to be consulted offline” Anna Lehmann-Bertini, the HR specialist explains. The most popular training within the company is also pushed onto the front page and the Lynda.com experts will work hand in hand with OneLife’s HR and Digital departments over the coming weeks to point managers and employees to the training best adapted to their needs. “Some may be integrated into your annual training plan, into your team’s or may be viewed in working groups, etc.” Alizée explains.

“It is important to try to find time, to have an idea of the skills one wishes to develop, and thus to spend a few minutes a week on the platform. It is not necessary to spend three hours a week on Lynda.com, but a few sessions of ten minutes or so may suffice” Christophe Regnault, Digital Marketing Manager, added before concluding this, the morning session: “It is up to us to create a real movement and engagement around Lynda.com. It is a social, living tool. It must be shared: your favourite training, your playlists and even your certificates that you can display on your LinkedIn profiles”.

OneLife Academy: the life assurance company officially launches its e-learning platform

On 21 September, the OneLife digital and HR teams, represented by Christophe Regnault and Anna Lehmann-Bertini, presented its new online training tool, announced at the Digital Days in June, to all its staff.

“A few months after presenting our new training strategy to you, we are officially launching our OneLife Academy, in partnership with LinkedIn and, more particularly, Lynda.com” explains Christophe Regnault, Digital Marketing Manager. There are now several thousand training opportunities available to the employees of OneLife. But the launch of this academy is only one part of the company’s transformation plan: numerous meetings will thus be organised, on a regular basis, with the purpose of presenting the advances made, but also the new technologies and future projects.

As Christophe Regnault underlines, to learn it is henceforth necessary to “unlearn, to better re-learn” as the famous American futurologist Alvin Toffer explained. “In the past we merely executed what we had learnt”. Today, in a world which is constantly moving, it is necessary to continue to develop”, the digital manager explains. This is why OneLife has joined up with LinkedIn to propose an e-learning solution to all its employees. This platform is easy to access, open to all, and enables staff to follow the training possibilities available at their own speed. They can also be followed on various PCs and mobile devices. “The social aspect is also important: we can all learn from others. Dialogue and communication are thus keys in succeeding with such a training programme” Christophe Regnault adds, going on to say: “LinkedIn, and its Lynda.com solution, offer the best possible training combination”. The content is produced only by professionals. The videos are filmed in Austria and in Silicon Valley. They are all made with a specific aim: helping professionals by offering them comprehensive and concrete solutions. Every expert, or speaker, thus shares their knowledge.

For Anna Lehmann-Bertini, HR Specialist, this e-learning solution proposed by LinkedIn will benefit all employees, managers, members of the executive committee and thus, in general the Luxembourg life insurance company. “Today you all have access to almost 10,000 training possibilities, wherever you want and whenever you want. As for managers, they can select mandatory training for the members of their team, in order to maintain and enhance the skills of every employee” the HR specialist explained. The training chosen by the managers must be followed during working time. To do this the HR department is making five iPads available to the members of the firm, along with the possibility of reserving meeting rooms. The ball is now in the court of OneLife’s employees: it is they, therefore, who have control over their own professional development.

Favourable planning options on the one hand and restrictions on the benefits available to resident non-domiciled individuals on the other

Like a long-awaited sequel to a lacklustre premiere, the second Finance Bill for the year (Finance Bill 2017-2019) was published on 8 September, to little surprise. Much of its content was present in the Spring Budget, but delayed because of the June general election.

The bill is expected to be enacted by Parliament before the Christmas recess and will be known as the Finance (2) Act 2017. New rules (which by now are familiar to most advisers) affecting UK-resident non-domiciled individuals, familiarly non-doms, will have retrospective effect from 6 April 2017.

Deemed Domicile rule

Most notably, the bill has reduced the time threshold for acquiring deemed domicile status. Long term non-doms who have been in the UK for 15 of the previous 20 years will now be deemed domiciled for ALL tax purposes. They will lose the benefit of the remittance basis option for income and capital gains and be taxed under the same regime as a UK resident and domiciled person.

In addition, individuals who were born in the UK with a UK domicile of origin, but that at some point acquired a domicile of choice elsewhere, will be prevented from claiming non-domiciled status if they return to live in the UK.

Deemed domicile status will cease after four consecutive tax years of non-residence. However, individuals who wish to return to the UK at some point and restart the clock will need to remain a non-resident for six consecutive years.

This measure is a clear signal by the government of its intention to close the gap between the benefits available under the non-domicile taxation regime and the situation of UK resident and domiciled individuals.

Transitional relief

Rebasing
In the light of the new deemed domicile rules, the bill offers some transitional relief to non-doms. Individuals who become deemed domiciled for capital gains (CGT) and Income tax from 6 April 2017 will be able to rebase the value of their non-UK assets at that date, provided they have paid the remittance basis charge at least once since its inception in 2008. They will also be able to remit tax-free any gains realised on these non-UK assets after 6 April, as long as the gains are attributable to a period before this date.

Mixed Funds
The bill also offers remittance basis users a two-year exemption from the mixed fund rules to enable them to segregate their capital from the income and gains in their bank accounts. This will facilitate greater certainty around taxation, as well as provide clean capital with which to invest in the future.

Offshore trusts

The bill confirms that excluded property trusts set up before a non-dom acquires deemed domicile status will continue to be outside the UK’s inheritance tax (IHT) net. In addition, settlors of these trusts will be protected from the attribution rules on income and CGT as long as certain conditions are met. As a result, these assets will not give rise to a tax liability unless they are made available to a UK resident.

Personal portfolio bonds

The personal portfolio bond (PPB) rules contained in section 520 of ITTOIA 2005 have been amended slightly. These rules are designed to prevent UK residents avoiding taxation on personal assets by placing them in a life assurance policy by restricting the classes of investment that can be placed in a policy. The bill adds three additional classes of investment which may be held by life policies without falling foul of the UK’s onerous anti-avoidance legislation and incurring what is known as a PPB tax charge.

Inheritance tax on residential property

From 6 April, any UK residential property held by an offshore company or trust will be subject to IHT.

Conclusion

Whilst the removal of the remittance basis option means more rain in the weather forecast for the non-doms, the good news is that prudent planning can now proceed under the umbrella of tax certainty.

With these legislative changes combining with the uncertainty engendered by Brexit, non-doms can take comfort in the favourable planning options that remain available to them and that offer the same protection as before, such as excluded property trusts and life assurance products.

To learn more, please contact Paul Pugh. Article by Stacy Lake.

The contents of this newsletter are subject to the restrictions and legal provisions indicated on OneLife’s website.

A new focus on unit-linked life insurance as a wealth structuring tool for Portuguese tax residents

Portugal has long been known as a tourist destination for its amazing weather, delicious food and world-famous wine. But closer examination of the country reveals that it has much more to offer than codfish, port and holiday sunshine. High net worth individuals should look carefully at the multiple advantages offered by Portugal for establishing residence.
At the meeting point of three continents, the Iberian nation boasts an advantageous geographic location and excellent transport connections both to the rest of Europe and overseas destinations. Once the hub of a colonial empire, it offers touristic sites full of history and impressive architecture redolent of past imperial glory. This period has left a permanent mark in the country’s deep cultural ties with Brazil, India (Goa), China (Macau) and Portuguese-speaking countries in Africa. But today Portugal is a strongly-rooted democracy with a dynamic economy that has emerged from many years of economic struggle.

Whether in the northern Douro Valley wine region or on the southern Algarve coast, the country offers excellent quality of life at low cost and a very attractive fiscal regime with no wealth or inheritance taxes. Portugal has also an extensive double tax treaty network to mitigate the risk of double taxation of income earned in multiple countries. In addition, the government has stimulated inbound mobility by creating the Non-Habitual Residents regime and the Golden Visa programme.
An individual may qualify as a NHR by registering as a tax resident in Portugal, as long as they have not been tax-resident in any of the previous five years. Individuals meeting this condition may benefit from the special regime for a 10-year period, involving a special tax rate of 20% applicable to work-related income from high added value activities as well as tax exemption for foreign-source income.

The Golden Visa programme offers a special residence card for foreigners meeting an investment criterion, including a minimum €1 million capital transfer or the purchase of real estate worth at least €500,000, allowing investors to live and work in Portugal. The residence permit also allows visa exemption for travel within the Schengen Area and the opportunity to apply for permanent residence or citizenship.

Once they decide to move to Portugal, high net worth individuals must meticulously assess the most efficient and compliant way to structure their wealth.

Advantages of a foreign unit-linked life product

Until 2015, it was still advantageous to establish a foreign trust or foundation in order to enjoy untaxed distributions after transferring one’s tax residency to Portugal. However, following major amendments to national tax law, sums distributed by fiduciary structures to Portuguese residents are now treated as investment income subject to a 28% income tax rate. In addition, these structures are fully targeted by CFC and transparency rules for past years.

These changes have necessitated a review of the use of these tools, opening the way for more efficient means to structure the wealth of Portuguese tax residents.

Unit-linked life insurance is a structure fully recognised and compliant in Portugal. Since it entails a savings regime for individuals, it enjoys favourable tax treatment. By comparison with traditional fiduciary structures, it can be a more effective means of investing and transferring wealth in a flexible and tax-efficient way. Although many people in Portugal are not yet very familiar with this structure, demand has been increasing in recent years as the high net worth community and its advisors learn about the product and its benefits for wealth structuring and asset protection.

This dynamic product can offer cross-border flexibility and the unique security of a contract issued in Luxembourg, a leading investment jurisdiction that offers the protection of a rigorous regime popularly known as the Triangle of Security. In addition, Luxembourg offers tax neutrality since taxation is based on the policyholder’s country of residence.

Moreover, contracts can be tailored to provide portability if individuals relocate between various jurisdictions during their lifetime. They can access a flexible and wide range of underlying assets, including external investment funds and internal collective funds, as well as dedicated funds that offer discretionary management according to the policyholder’s personal objectives. Another interesting feature is that clients may withdraw a portion of their original investment if needed.

Regarding taxation, the attractive treatment of unit-linked life insurance in Portugal provides gives extremely broad scope for inheritance and tax planning. For death claims, life insurance benefits are tax-free, not being subject to either income tax or stamp duty. In the case of surrenders, only the portion exceeding the amount initially invested is subject to taxation. If at least 35% of the total premiums are paid in the first half of the policy lifetime, either one-fifth or three-fifths of the income may be excluded from taxation in cases where the surrender takes place after five or eight years respectively of the contractual period, which could result in an effective taxation rate as low as 11.2%.

All these factors mean that unit-linked life insurance may be the best option for individuals to hold financial assets that can produce income to be distributed throughout their lifetime. If properly structured, it can be the most efficient wealth management tool, since it offers great flexibility in terms of investment and a more attractive tax regime than other options.

In a changing world where transparency is de rigueur and control is a priority for investors, unit-linked life insurance facilitates compliance with the evolving legal, regulatory and fiscal environment, at a time when certain traditional structures risk losing competitiveness and relevancy.

To learn more, please contact Andre Piovezan. Article by Taiza Ferreira.

OneLife has analysed the two reports published by the Financial Services and Markets Authority (FSMA).

The FSMA published two reports on 21 August 2017 on control over compliance with the application of the rules of conduct relating to the duty of due diligence by insurance companies (A) and brokers (B). The aim of these reports is to act as guidelines for all professionals in the sector.The FSMA published two reports on 21 August 2017 on control over compliance with the application of the rules of conduct relating to the duty of due diligence by insurance companies (A) and brokers (B). The aim of these reports is to act as guidelines for all professionals in the sector.

The FSMA prepared these reports by taking sufficiently broad samples in order to obtain a vision of the market trends.

– What is the overall assessment?

– What should we take from these reports?

– What are the FSMA’s recommendations?

Overall the practices of insurance companies and brokers are good but they present weaknesses in terms of compliance with the duty of diligence.

A) The insurance companies
1. The distribution model

This is not always coherent with the distribution network (e.g. network of brokers but the insurance company proposes policy subscriptions to clients by post).

2. Gathering of information

– Not always correctly carried out

– Not always coherent

– Not sufficiently evaluated

3. The suitability test

– Not always correctly carried out

– The FSMA revisits the responsibility of distribution players in evaluating the suitability of a transaction with the client’s profile.

4. Monitoring and checks

Although these checks and monitoring are not yet fully effective due to the lack of maturity of the AssurMiFID application, the FSMA insists on the importance of their implementation.

5. Information provided to clients

This is not always clear, correct and transparent for the client.Moreover, the FSMA draws the attention of insurance companies to the disclaimers which may contradict their duty of diligence.

6. Training of advisers

The FSMA is calling on insurance companies to strengthen training for better compliance with the duty of diligence..

7. Incentives

The FSMA gives a reminder that the aim of these incentives is to improve the quality of the services provided to clients and that it is the insurance companies’ responsibility to check and demonstrate this.8. Insurance companies’ internal procedures.

The FSMA reviewed the procedures for selecting, approving and selling savings or investment insurance which enable compliance with the duty of diligence to be ensured.The FSMA advises insurance companies to identify a “gatekeeper”: a person who is responsible for checking that the clients’ interests are taken into account throughout these internal procedures but also at the time products are launched.

B) Brokers
1. Compliance with the conditions of registration and keeping in the register

– The FSMA has observed that the files were not always updated (change of address), number of PCPs (persons in contact with the public), modification of the shareholder base, etc.), whereas keeping these administrative files up-to-date is mandatory.- The FSMA also found that the status of the PCPs was not clearly established, which has led to failings, in particular failure to comply with the registration obligation as an insurance intermediary for independents collaborating with brokers.

– Lastly, to facilitate these declarations, the FSMA has introduced a “Cabrio” platform which will enable brokers to supply and declare all its information to the authorities more easily.

2. The duty of diligence

– The FSMA revisits the use of the questionnaire introduced by the industry enabling so-called “standardised” profiles to be determined which does not, ultimately, enable the client’s individual information to be taken into account.

– This is why the FSMA is calling on brokers to ensure that these “standardised” profiles actually correspond to the client’s profile.

3. The gathering of information

– This is not always correctly carried out, either in terms of the client’s experience and knowledge or of their objectives and their financial situation.

– It is not always coherent and not always sufficiently documented.

4. The suitability test

– The principle is not clear for certain brokers who cannot successfully demonstrate in which way the test has been carried out, which increases the risk of mis-selling; there appears to be confusion between gathering information and carrying out the suitability test.

5. Information provided to clients

– Not always clear, correct and transparent (in particular the accumulation of statuses across sectors: confusion between banking services brokers and investment or insurance brokers) which runs counter to the objective of the regulation, which is to protect consumers.

6. Incentives

– The FSMA offers a reminder that the aim of these incentives is to improve the quality of services provided to clients and of the risk of conflicts of interest, particularly in the context of a policy of minimum thresholds to be achieved to obtain commissions.

– Moreover, the Client must be informed beforehand of any existing remuneration and incentives.

7. Training of advisers

– Lack of professional knowledge about combatting money laundering, especially on the part of RDs and PCPs. Some do not possess procedures or struggle to apply them in practical terms; the FSMA stressed the need to ensure compliance on this point.

In this regard the FSMA has produced a communiqué on the topic which includes a summary of and an update to the Circular on anti-money laundering obligations. It has also published a special edition (Newsletter) with the Financial Information Processing Unit which recaps on good and bad practice for intermediaries.

– Lagging behind with regard to knowledge recycling obligations.

Conclusions of the FSMA

– “In general this first wave of AssurMifid inspections constitutes an important step in the application on the ground of the rules of conduct which aim to enhance financial consumers’ confidence in insurance intermediaries.

– The pedagogical approach used has already enabled conclusions to be drawn, the publication of which provides practical and useful information for all intermediaries on the FSMA’s expectations in respect of the practical application of the rules of conduct on the ground.

Wish to know more? Please contact: Nora Belarbi.

To find out about OneLife’s latest news and developments, please visit: www.onelife.com and follow us on LinkedIn and Twitter.

It’s Life, but not as you know it…

OneLife, a specialist in cross-border life assurance solutions and digital, hosted its first life assurance seminar in Finland on 13 September. The seminar brought together more than 50 professionals and decision-makers from different asset management companies, private banks, leading law firms and family offices at the Hotel Kämp in central Helsinki.

The purpose of the seminar was to introduce and raise the awareness of OneLife as a leading Luxembourg-based provider and to outline our value proposition for Finnish partners and their clients.

OneLife’s predecessor companies have been providing top-class life insurance solutions for over 25 years from Luxembourg, but is still relatively unknown in Finland. At OneLife we feel that we have our place as a quality cross-border provider who does things differently. In addition to flexible, modern solutions, it is important to have the right people to service our partners and make administration as simple as possible. In Luxembourg, OneLife is recognised as a digital pioneer and we are already able to provide our partners with a tool-kit that adds real value for them and their clients. Watch this space in future months for more developments in the digital space!

There were both internal and external speakers at the event. Wim Dieryck, OneLife Chief Commercial Officer said a few words about the company and gave a demonstration of the OneLife OneApp to the audience. Tarja Valkeinen, Regional Sales Director Finland presented OneLife’s strong Finnish team, our products and services. Toni Kemi, Partner at Premium Group presented the added value of using an Insurance Agent and their range of services for both private clients and their advisers.

However, the focus of the seminar was on key developments and trends in the financial markets in Finland. The insight provided by our guest speakers from Aalto University School of Business was greatly valued by the audience. Assistant Professor Tomi Viitala, who is a member of the Finance Ministry’s taxation working group, talked about the possible taxation changes related to investment products including life insurance and investment funds. Professor Vesa Puttonen, on the other hand, insisted on the future need and role of Investment Advisers and came to the conclusion that as the market becomes more complex, the value of comprehensive investment advice is growing, not diminishing. According to him, Investment Advisers will be even more needed in the future than used to be the case.

Due to the success of the seminar, expect to see and hear more about OneLife in Finland!

Wish to know more about our solutions for Finnish clients?

Please contact on LinkedIn: Tarja Valkeinen.

To find out about OneLife’s latest news and developments, please visit: www.onelife.com and follow us on LinkedIn and Twitter.