Protection industry wins trust exemption

Ruth Gilbert reports

clock • 2 min read

Pure protection to be exempted from anti-money laundering proposals, Treasury confirms

In June, a COVER article featured a major threat to life policy trusts. This was contained in the Treasury's proposals for all express trusts in their April consultation about implementation of the Fifth Money Laundering Directive. Under those proposals, even for life policies with no investment element, trustees or their "agents" would have to enter full details of the trust and its beneficiaries into the Trust Registration Service (TRS). This would have had an impact on both group and individual cover, with news cases affected from 1 April 2020.  The COVER article showed why this would...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Surge in probate delays following IHT changes

Surge in probate delays following IHT changes

134% rise in yearlong cases

Cameron Roberts
clock 16 January 2025 • 1 min read
BIBA releases 2025 manifesto

BIBA releases 2025 manifesto

Partnering for success

Cameron Roberts
clock 16 January 2025 • 2 min read
Statutory miscarriage bereavement leave report

Statutory miscarriage bereavement leave report

Women and Equalities Committee makes its case

Cameron Roberts
clock 15 January 2025 • 2 min read