Old Mutual International de-authorised
On 23 September 2013 Old Mutual International ceased to be regulated by the Financial Conduct Authority (FCA). The change meets current regulatory requirements and will not impact policyholders’ rights and obligations. Following changes to the regulatory structure within the UK, Old Mutual International reviewed its regulatory permissions and established that it was not required to maintain its authorisation. Old Mutual International subsequently applied to the FCA to cancel its permissions and this application was granted.
As an offshore life company based on the Isle of Man, Old Mutual International does not need to be authorised by the FCA to conduct business in the UK. It remains Licensed by the Isle of Man Financial Services Authority (formerly authorised and regulated by the Isle of Man Insurance and Pensions Authority) and will continue to meet the rules and guidance outlined in the FCA Conduct of Business Sourcebook for business written in the UK. In addition, all UK facing literature and financial promotions will be signed off by a UK authorised firm (Old Mutual Wealth).
FCA regulatory reform
The way UK financial services firms are regulated has recently changed. On 1 April 2013 the Financial Services Authority (FSA) was replaced by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). For more details, see: www.fsa.gov.uk/about/what/reg_reform
How does this affect Old Mutual Wealth? Life companies like Old Mutual Wealth Life Assurance and Old Mutual Wealth Life & Pensions Limited are now authorised by the PRA and regulated by both the PRA and FCA, whilst fund groups, and intermediaries like Old Mutual Wealth Limited are authorised and regulated by the FCA alone.
We are currently undertaking a rolling process of updating our website and literature accordingly. All changes must be in place by April 2014, so in the meantime you may encounter references to the FSA, FCA and PRA on different documents.