An action group is being formed by the Association of International Life Offices (Ailo) to lobby against German legislation it claims could prevent its members entering the market.
He said even more concerning was that the Government was proposing to implement the legislation retrospectively which means it would apply to existing contracts. Morgan-Moodie said: “None of our member companies have allowed for this or priced for this, so it is a big issue.
“There are about half a dozen companies affected by this significantly so we are forming an action group to really try to persuade the Germans that they don’t really want to do this, that it is against European law and the freedom and spirit of open markets.”
- More on this issue in January’s edition of International Investment
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till