Regulatory Authorization Change for CAM Wealth Group Limited
Manx Financial Group PLC, a leading financial services provider, has made a significant stride in its strategic growth with the launch of its new insurance arm, CAM Insurance Solutions. The UK Financial Conduct Authority (FCA) has granted regulatory permission for CAM Wealth Group Limited, a wholly owned subsidiary of Manx Financial Group, to sell and distribute general insurance products within the United Kingdom[1].
CAM Insurance Solutions is an integral part of Manx Financial Group's broader financial services offering. Initially, the new insurance arm will support the Group’s sister companies, serving over one million retail customers and fifteen thousand Small and Medium Enterprises (SMEs)[1]. This expansion aligns with Manx Financial Group’s objective to deliver a fully integrated suite of financial services across both the Isle of Man and the UK, as emphasized by CEO Douglas Grant[1].
The authorisation by the FCA ensures that CAM Insurance Solutions complies with the regulatory standards governing conduct, consumer protection, and financial stability in the UK insurance market[1][2]. By securing FCA authorisation, CAM Insurance Solutions aligns tightly with the UK FCA’s regulatory environment, which requires firms selling insurance products to hold appropriate FCA permissions[1]. This move supports the Group’s growth strategy to develop a diversified financial services group and assure regulatory adherence as the company expands its product offerings[2].
The FCA is also taking steps to ensure financial services firms, including insurers, are prepared for the potential outcomes of Brexit. The FCA has extended the deadline for notifications for the Temporary Permissions Regime (TPR) to 30 October 2019[3]. Firms who have not prepared appropriately for Brexit may risk an impact on their business[4]. The FCA is helping firms prepare for Brexit by providing guidance and resources[5].
CAM Insurance Solutions is expected to be marketed externally at a later date[1]. As the new arm of Manx Financial Group, CAM Insurance Solutions is well-positioned to deliver tailored insurance solutions, further enhancing the Group's comprehensive financial services offering[1].
References: [1] Manx Financial Group PLC. (n.d.). Press Release: Manx Financial Group Selected as Winner of UK FCA Authorisation. Retrieved from https://www.manxfinancialgroup.com/media-centre/press-releases/2019/manx-financial-group-selected-as-winner-of-uk-fca-authorisation/
[2] Manx Financial Group PLC. (n.d.). About Us. Retrieved from https://www.manxfinancialgroup.com/about-us/
[3] Financial Conduct Authority. (n.d.). Temporary Permissions Regime. Retrieved from https://www.fca.org.uk/firms/brexit/temporary-permissions-regime
[4] Financial Conduct Authority. (n.d.). Brexit: Preparing your firm. Retrieved from https://www.fca.org.uk/firms/brexit/preparing-your-firm
[5] Financial Conduct Authority. (n.d.). Brexit: FCA's approach to supervising firms. Retrieved from https://www.fca.org.uk/firms/brexit/fca-approach-supervising-firms
- The regulatory permission granted by the UK Financial Conduct Authority (FCA) for CAM Wealth Group Limited, a subsidiary of Manx Financial Group, allows the new insurance arm, CAM Insurance Solutions, to operate within the UK's financial market, ensuring compliance with the regulatory standards governing conduct, consumer protection, and financial stability.
- As the new arm of Manx Financial Group, CAM Insurance Solutions is not only expected to deliver tailored insurance solutions to support over one million retail customers and fifteen thousand Small and Medium Enterprises (SMEs), but also aligns its operations with the UK FCA’s regulatory environment, ensuring adherence to the required FCA permissions for firms selling insurance products, as part of the company's growth strategy to establish a diversified financial services group.
