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
100 new clients
Achievements, charity work and other happy snippets
Square Mile’s series of informal interviews
Partner Insight: The rise in demand for DFM and multi manager solutions has been largely driven by new mandates from the regulator, says James Bampton, head of UK intermediary distribution at Architas