iom portfolio issue 151

THE INTERNATIONAL BUSINESS MAGAZINE OF THE ISLE OF MAN

ISSUE 151ISLE OF MAN

CONTENTSDEPARTMENTS

News Government Features Travel Appointments Directory Lifestyle

The latestdevelopments

from some of theIsle of Man’s

leadingorganisations

Initiatives,proposals and

legislation fromthe Isle of Man

Government’s keyDepartments

Expert marketcommentariesfrom leadingprofessionals

within the Island’sprivate sector

A profile of twooff-Island

destinations: onein the BritishIsles and onefurther afield

A comprehensiveround-up of keyspecialist andprofessionalappointments

Island-wide

Airline timetables,a comprehensive

Isle of ManBusiness

Directory plusIsland info & stats

Popular featuresincluding ‘A Weekin the Life’; ‘Q&A’plus local events

and a UK Gig Guide

SPOTLIGHT

Barclays’ Isle ofMan contact

centre wins teamof the year

Page 16

Coming soon, thenew ‘Equality

Challenge’: areyou ready?

Page 26

Old MutualInternational:

More than just arename

Page 32

Cryptocurrenciesand Anti-Money

LaunderingLaws

Page 36

Sundry EstatePlanning

in theIsle of Man

Page 42

SPECIAL FEATURE:Three Things theGovernment Must

Do in 2015

Page 43

Return of TheLonesomeTraveler:

Jarrod Dickinson

Page 88

PRODUCTION, CONTACTADVERTISING:

SarahKlaffenböck

T: 01624 623527M: 07624 481189

E: [email protected]

EDITORIAL:Keith Uren

T: 01624 611100M: 07624 498740

E: [email protected]

Isle of Man Portfolio magazine is published monthly and is delivered toevery private and public sector business in the Isle of Man

by the Isle of Man Post Office.

The magazine is freely available from a dispenser situated in theDeparture Lounge of Isle of Man Airport,and in the Rendezvous Executive Lounge.

Financial institutions and Government Departments take copies forcirculation among their clients.

The magazine is also taken by several leading Isle of Man hotelsfor their guests.

Isle of Man Portfolio is also individually mailed to seniorprofessionals retained on the magazine’s database.

Isle of Man Portfolio magazine is designed and published by Keith Uren

Keith Uren Publishing | 12 Manor Lane | Douglas | Isle of Man | IM2 2NX

T: 01624 611100 | M: 07624 498740 | E: [email protected]

ISLE OF MAN

PORTFOLIOISSUE 151

© 2015Keith Uren Publishing Ltd

Gentlemen, in the

very publication

I hold in my hand,

I’ve discovered a

2010 Volkswagen

Passat 2.0 Highline

Estate, for under

£11,000!

MMM MotorMartMANX

The Isle of Man’s New and Used Car Magazine

News

ISLE OF MAN

ISO commend ‘First Class’ upgrade

Betvision sees bright future with TGP

ACSP’s taught courses programme

Majority interest in payment servicesprovider Payment Goblin confirmed

RL360°’s flagship products evolving

Air France KLM to operate from Belfast

Barclays’ Isle of Man contact centrewins team of the year

Exam success and a promotion

Charles Taylor Group to acquireScottish Widows International, Jersey

‘Shaping change’ at biennial dinner

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ISLE OF MAN

PORTFOLIO ISSUE 151

N e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

trand Group Companies, Strand

Facilities Services and Storall

have had their ISO quality

standards renewed for a further year.

This is the sixth successive year that the

Companies have been through the

rigorous annual accreditation process

that is necessary to achieve the

internationally recognised ISO Quality

Standards.

At the recently completed audit both

Companies were upgraded to

ISO27001:2013, the latest information

security management standard. Storall

has also been upgraded to ISO9001:2008

which is a quality management

standard. The audit ensures that a

specific set of procedures are in place so

that customers receive the highest

quality of service. Strand Group is just

completing the move into a new

corporate HQ at Tromode Estate and the

latest accreditation audit was carried out

at the new premises. The ISO auditors

described the Group’s new facility as

‘first class’ in their report.

Strand Group is bringing the four

businesses in the Group, Strand

Facilities Services, Storall, Krypton

Contract Cleaning and Clean A Way,

under one roof for the first time. The

new purpose-built HQ at Tromode

Estate consists of five units of 3,000 sq

feet each with mezzanine offices in the

first unit, and occupies 1.25 acres of the

Estate’s new Gateway Development.

Strand Facilities Services and Storall

were among the first local companies to

obtain ISO27001 and remain the only

Company in its sector to have achieved

the standard on the Island. In fact the

quality standard is unusual in the

facilities management sector, even in

the UK, due to the high standards that

are required to be maintained on a day-

to-day basis.

The new upgraded quality standards

mean the Companies have both made

improvements in a number of areas.

IS027001:2013, the information security

management standard, ensures that

adequate controls addressing

confidentiality, integrity and availability

of information are in place to safeguard

client information.

John Hellowell, Strand Group’s

Chairman said, “These standards are

important in all aspects of our business

particularly in facilities management

where we are key-holders for over 200

companies including several Banks.

They are also essential for the document

scanning, storage and destruction work

carried out by Group Company, Storall.”

Strand Group’s new headquarters

incorporates a number of additional

safety and security measures. The

building’s foundations were raised by a

metre and building standards far exceed

statutory requirements in areas such as

fire and flooding. There is restricted

access to many parts of the facility and

both internal and external CCTV

cameras are in operation. A

sophisticated intruder and fire alarm

system has also been installed.

Mr Hellowell said, about Storall’s

additional accreditation, ISO9001:2008,

“With many of the largest businesses on

the Island as customers, and a number

of Government contracts too, we strive

not just to give excellent service but we

constantly look for ways to improve. The

ISO9001:2008 approach to quality is

embedded across the business and

every member of the team understands

how their actions create a better

customer experience. Processes are in

place to continually review and improve

our customers’ experience.”

Strand Group employs over 130

people and all have now relocated to the

new HQ.

SISO commend ‘First Class’ upgrade

Above:Some of the Strand

Group team who areinvolved in the

accreditation process(John Hellowell,

Chairman Strand Group,pictured centre)

GP Europe Ltd has launched a

new online gambling site with

partners Betvision.

The site runs solely from the TGP

platform and features a Sportsbook with

over 18,000 unique betting events each

week, a range of slots, table and instant

games as well as Live Casino.

Betvision have some imaginative

and generous competitions in their plan

to gain the interest of both players and

affiliates. As well as offering the usual

player bonuses their first promotion, for

example, will see the winner getting a

glimpse at how the other half live during

a whirlwind 5-day luxury trip to Monaco

to take in the Grand Prix in VIP style.

TGP Europe will be on the Isle of

Man eGaming exhibit at ICE Totally

Gaming, 2-4 February at the ExCeL

London. Betvision will be exhibiting

with Income Access at the London

Affiliates Conference at Olympia 31 Jan

- 3 February.

TBetvision sees bright future with TGP

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ISLE OF MAN

PORTFOLIO ISSUE 151


ACSP’s taught courses programmehe Association of Corporate

Service Providers’ taught

courses programme for 2015 is

now available for booking.

The courses will be delivered, once

again, by corporate governance

training specialist Jo French, who has

been working in partnership with the

ACSP since 2004. They follow the

successful format of previous years and

along with AML and MLRO training

include sessions on developments in

fiduciary duties and liabilities, the SARs

voluntary disclosure programme,

effective company and trust

administration, CSP risk management

and corporate governance.

All courses will be at the Upper

Hall, Loch Promenade Church,

Douglas.

Prices remain unchanged at £50

per session for staff of ACSP members

or associate members, £75 per session

for non-members.

Full details of the schedule can be

found at www.acsp.co.im.

All administration and bookings for

the 2015 programme will be handled

by Jo French and her team:

[email protected]

T

Majority interest in payment servicesprovider Payment Goblin confirmed

he Counting House Group has

announced its recent

acquisition of a majority

interest in Isle of Man based payment

services provider Payment Goblin

Ltd.While relatively new on the block,

Payment Goblin has

quickly established itself

within the local

eCommerce community

as a trusted source of

expert consultancy and a

quality payment service

provider. It helps high-

street, online and mobile

businesses around the

world bank complete

retail transactions with

payments by credit and

debit cards, wallets and

emerging payment types.

It has quickly developed

a strong network of

banking partners and

trusted intermediaries.

Amongst its offerings, Payment

Goblin offers certain categories of UK

based eCommerce merchants a

simple online application process that

can enable a business to be live and

trading in just 10 minutes,

empowering their customers with

Visa, MasterCard, Maestro and

American Express payment options.

For those with customers from

further afield, a pan-European

gateway is also offered with the

payment options expanded to accept

Diners Club International, JCB and

Union Pay cards. Also integrated are

alternative forms of payment such as

Bancontact / Mister Cash, ELV SEPA,

eKonto, eps, giropay, iDEAL, Trustly,

Przelewy 24, PayPal and SOFORT.

Dr Paul Davis of Counting House

said of the acquisition, “2014 has been

a time of continuing consolidation in

the payments industry. Globalisation

is only a partial reality, and the

plethora of payment types required by

cross-border merchants is truly

daunting. We are delighted to have

the opportunity to work in

partnership with Payment Goblin and

double delighted to have acquired the

talents of Justin Martin to run this

new acquisition for us. Payment

Goblin has real expertise in several

verticals traditionally regarded as

“high risk” other than gaming, which

is our specialty. It’s a great fit!”

Justin Martin, newly appointed

Managing Director of Payment Goblin

Ltd on behalf of Counting House

added, “I am extremely excited by the

opportunity Payment Goblin presents

today and its plans for the future. With

consumers moving towards the use of

mobiles and tablets at an astonishing

pace and the next payment revolution

under way, I believe we are entering

one of the most exciting times in the

history of eCommerce.

With Counting House as our key

strategic partner alongside our

network of banking partners,

Payment Goblin’s future is a fantastic

prospect to be involved in.”

TBelow:Justin Martin

of Payment Goblin Ltd.,Paul Davis,

Counting House

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ISLE OF MAN

PORTFOLIO ISSUE 151


Right:Natalie Hall

RL360°’s flagship products evolvingL360° has announced some

exciting changes to its

flagship regular and single

premium products, Quantum and

PIMS, which came into effect from 5

January 2015.

The move is part of the continuous

drive to evolve and improve its

products based on feedback from

advisers and their clients.

The headline upgrades for

Quantum are enhanced allocation

premium bands up to 102% and more

user friendly illustration outputs

Director of Marketing Natalie Hall

said: “We have been able to introduce

these changes and make Quantum

more attractive as a direct result of

support for the product. In particular,

the volume of Quantum business

being written means we are now able

to make the allocation rates even

more competitive.”

The news follows the recent

Quantum fund range enhancements,

which included the addition of new

asset classes such as healthcare and

renewable energy funds. The

company also negotiated a 6-month

exclusive savings plan arrangement

with Guinness Asset Management on

their recently launched UCITS

version of the Global Innovators fund.

The new options have already

attracted significant investment since

their launch.

PIMS will see changes including

the introduction of an 8-year

establishment fee charging structure

and conversion rate changes. The

latter means that the minimum

premium for Euro has reduced down

to 60,000 from 80,000. And these

changes come following the

introduction of online dealing last

year.

Natalie continued: “We haven’t

rested on our laurels following the

management-led buyout in late 2013.

By constantly evaluating and

improving our products we ensure we

are ahead of the game.”

R

Air France KLM to operate from Belfastne of Europe’s largest airline

groups, Air France KLM, is to

commence operations from

Northern Ireland.

George Best

Belfast City Airport is the

only UK airport included

in expansion plans announced by

KLM Royal Dutch Airlines, who

will commence a daily service to

Amsterdam Schiphol Airport from May

providing greater access to global

destinations through KLM’s extensive

network.

Connectivity from Northern

Ireland will be further strengthened

through KLM’s membership of the

SkyTeam Alliance along with

international airlines such as Air

France, Alitalia, China Southern

Airlines, Aeroflot, Korean Air, Middle

East Airlines, Czech Airlines and

Saudia.

Belfast City Airport’s Commercial

and Marketing Director, Katy Best,

said: “Attracting an airline such as

KLM to Northern Ireland, is a major

win for the airport, tourism within the

region and local businesses who will

benefit from KLM’s worldwide

network.

“KLM places significant emphasis

on customer service and offers a

product that is flexible, comfortable

and desirable for each and every

passenger making the airline a perfect

fit for Belfast City Airport where

continuously enhancing the passenger

experience remains a priority.”

George Best Belfast City Airport is

served from the Isle of Man with daily

flights operated by Citywing.

O

ISLE OF MAN

PORTFOLIO ISSUE 151


arclays’ Isle of Man contact

centre has been presented the

‘Contact Centre Team of the

Year B2B’ award at the 2014 CCA

Excellence Awards.

Members of the local team attended

the gala dinner and awards ceremony

at the National Museum of Scotland in

Edinburgh on 26 November and were

presented with their award by actor

and comedian Hugh Dennis.

The CCA is the leading authority on

customer contact strategies and

operations. The Excellence Awards is

the most respected and sought-after

recognition programme, unique

through its peer group judging process.

The judging panel includes

professionals from all sectors and

senior executives with wide-ranging

experience in customer contact and

customer service.

Barclays was also successful in the

‘Corporate Social Responsibility in

Customer Contact’ category and

Jamie Paterson, based in Barclays’

Glasgow office, was presented with

the ‘Professional of the Year: Director’

award.

“It’s fantastic that our contact centre

team has been recognised at the CCA

Excellence Awards,” said Rob

Dickinson, Barclays Global Client

Service Centre Isle of Man.

“The ‘Contact Centre Team of the

Year B2B’ award is presented to the

team that best demonstrate their

commitment to excellent customer

service and passion for managing

customers so it’s a great achievement

and endorsement for the team that

we’ve been successful in this category.”

Right:Andrew Mends, Chairman of

CCA Excellence AwardsCommittee, Rachael Nowak

and Sarah Gilmour fromBarclays and Hugh Dennis

Barclays’ Isle of Man contact centrewins team of the year

B

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Exam success and a promotionoore Stephens has

announced that Christa

Worth has completed her

ICAEW ACA qualification and been

promoted to supervisor in the Audit

and Assurance department.

“Christa continues to impress

Moore Stephens clients with her

professionalism and dedication – I am

very pleased indeed to have her on

our team,” said partner, Andrew

Dixon, “We are all very proud of her.”

Christa joined Moore Stephens

Isle of Man as a permanent member

of staff in August 2011, following

summers working as a student in the

audit and assurance departments. She

graduated from the Isle of Man

Business School, where she gained a

first class BA (Hons) in Business

Management as a Moore Stephens

bursary student. She has earned an

impressive range of awards and

prizes from the Institute of Chartered

Accountants in England and Wales

(“ICAEW”) including the Quilter Prize

in September 2014 for the Corporate

Reporting examination, the Little

Prize in early 2014 for Business

Planning Taxation, the Howitt Prize in

2013 for the Financial Management

paper, and the Watts Prize in 2012 for

her Audit and Assurance paper. She is

the first student in the Isle of Man to

have won so many international

prizes.

M

Below:Christa Worth

ISLE OF MAN

PORTFOLIO ISSUE 151


harles Taylor has agreed to

acquire Scottish Widows

International Limited

(“SWIL”) from Scottish Widows plc.

SWIL is a Jersey closed-book life

insurer which provides unit-linked

life insurance policies and portfolio

bonds to individual investors.

This is Charles Taylor’s fourth

acquisition of an international life

insurer in the last four years and

marks another important step in

delivering the Group’s strategy to

grow its life business by making

further acquisitions in the

international life sector.

It is intended that SWIL will be re-

domiciled from Jersey to the Isle of

Man following the acquisition and

that its policies will subsequently be

transferred into Charles Taylor’s

wholly owned Isle of Man life

insurance subsidiary LCL

International Life Assurance

Company Limited (“LCLI”), subject to

regulatory and court approvals

respectively.

Jeffrey More, Chief Executive

Officer, Charles Taylor Insurance

Services (IoM) said: “Charles Taylor

has administered SWIL’s policies for

the last eight years. This means that

policyholders will experience a

seamless change of ownership and

will continue to enjoy the same

excellent levels of service. By

merging the business into Charles

Taylor’s life insurer, we will be able to

deliver further efficiencies without

compromising service.”

David Marock, Group Chief

Executive Officer, Charles Taylor

said: “This agreement to acquire

SWIL from Scottish Widows plc

follows our recent purchase of

Nordea Life and Pensions. It

demonstrates our commitment to

grow our life insurance business in

the Isle of Man. Over the last four

years we have made four life

insurance company acquisitions. We

expect the acquisition to be earnings

enhancing and generate an early

payback of our investment.”

The acquisition is subject to

regulatory approval by The Jersey

Financial Services Commission.

Charles Taylor Group to acquireScottish Widows International, Jersey

C

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Rhe challenges facing the legal

profession against a

background of upcoming

changes in regulation of anti-money

laundering and the countering of

terrorist financing and the need for

shaping legislation for the future

management of the Island’s legal

profession vied with consideration of

smart casual instead of black tie at

formal dinners as topics for the

president’s address at the Isle of Man

Law Society biennial dinner.

Guests at the Palace Hotel heard

society president Kevin O’Riordan

speak of “overwhelming pressure” on

a profession faced with carrying out

the “dual and often conflicting roles of

regulation…and protection and

promotion”. He welcomed the

contributions submitted so far on the

debate, notably from larger firms, but

added the cautionary note: “We are

still very much at a crossroads.”

He said the time had come for the

society, formed around 1859 and with

its most recent governing legislation

dating from 1995, to undergo a

comprehensive review of the way in

which it operates, a task which was

set to be lengthy and complicated.

Mr O’Riordan paid tribute to vice-

president Paul Kerruish “for devoting

a great deal of time and energy

towards helping deal with the thorny

problems of the last couple of years”

and urged his audience to give

“serious thought” to issues facing the

profession ahead of the Society’s

forthcoming annual general meeting.

He went on to call for wider

recognition of advocates’ valuable

contribution to the Manx economy,

and for a more mature and closer

professional relationship between

advocates, central and local

government and the police in a move

to work towards the greater good.

“Essentially we are all on the same

side when it comes to promoting the

interests of justice and this

jurisdiction,” he said.

In summary, it appears that while

the legal profession and the Isle of

Man Law Society might be facing

wholesale change, a straw poll of the

audience revealed that black-tie dress

code for future biennial dinners was

not.

‘Shaping change’ at biennial dinner

T

Above:Isle of Man Law Society presidentKevin O’Riordan, centre, with leftto right, Seth Caine, His Honour

Deemster Doyle, the society’svice-president Paul Kerruish, andchief registrar Stephen Cregeen

Right:Fletcher Craine, Beth Greenhalgh,

Laura Monk, Shona Quayle,Lesley Callin, Jonathan Wild

Government

ISLE OF MAN

Major Isle of Man development projectsto be driven by new team

Local undergraduates required for 2015STEP Programme

Treasury Minister welcomes Aa1 Moody’srating confirmation

Equality Bill consultation update

Ageing population underlined in latestGovernment report

Laxey regeneration scheme to be readyahead of TT 2015

ISO Certification success for Registries

Sponsors sought for major festival

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ISLE OF MAN

PORTFOLIO ISSUE 151


he team is being co-ordinated

by the Department but also

includes existing members of

the Department of Infrastructure

(DOI), (notably Planning and

Highways Divisions), Treasury, the

Cabinet Office and the Attorney

General’s Chambers.

Minister for Economic

Development Laurence Skelly MHK

commented: “Major developments

have a key role to play in the future

economic success and quality of life of

the Isle of Man, which is why my

Department is leading and co-

ordinating this ‘virtual’ development

team.

“New projects can encourage

further economic benefit for the Isle

of Man by helping to create jobs and

through stimulating valuable work for

the Island’s Construction sector.

“There is a need for Government

to approach major development

differently and more effectively in

order to capitalise on planned

projects such as the Central Douglas

Masterplan and to drive projects

forward which directly support the

opportunities identified in the

Vision2020 strategy.

Steve Moore will be the Team Co-

ordinator on behalf of the Department

of Economic Development and he

joins the Department on a 2 year fixed

term appointment from his previous

role in the Department of

Infrastructure.

Major Isle of Man developmentprojects to be driven by new team

T

The Department of Economic Development is leading a new teamwhich has been established to deliver an increased focus on

getting Government working together better to deliverdevelopment of some of the major development sites across the

Isle of Man.

Right,Laurence Skelly MHK,Minister for Economic

Development

Above/right:Artist’s impression of the

Central Douglas Masterplan

ISLE OF MAN

PORTFOLIOISSUE 151

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he 2014 STEP Programme

saw 41 students complete a

range of projects in a broad

range of disciplines for both private

and public sector organisations across

a number of business sectors

including manufacturing, financial

services and e-Business.

Minister for Economic

Development Laurence Skelly MHK

commented, “The Department is

committed to helping young people

reach their potential and find a

career. Undergraduates who

participate in the STEP Programme

apply the learning from their degree

courses and are able to enhance their

workplace skills, which is valuable

when they go on to look for

employment.

“Vision2020 identified that the Isle

of Man requires more skilled workers

over the next few years to help drive

economic growth so the STEP

Programme is an important way for

our local students to experience the

realities of the workplace and full

time employment.”

Students participating in the

programme will benefit from a tax

and National Insurance-free training

allowance of £210 per week as well as

personal development opportunities

and the chance to work on a genuine

organisational project. In some cases,

undergraduates have been offered a

permanent position following their

graduation with the sponsoring

employer.

For further information please

email [email protected] or

telephone 01624 682383.

Local undergraduates required for2015 STEP Programme

T

The Department of Economic Development is seekingundergraduates to participate in the 2015 STEP Programme, which

places final and penultimate year undergraduates with localcompanies to undertake work on skill-centric projects for eight

weeks during their summer break.

he Minister said, “The opening

sentences of the report by

Moody’s make some powerful

points, and I am delighted to see the

Island described in this way.”

Moody’s commented, “The Isle of

Man’s Aa1 sovereign rating and stable

outlook reflect the island’s resilient

economy and the government’s

robust finances. The former is

supported by the economy’s stronger

and less volatile growth than that of

other offshore centres, and its

significant diversification despite

being a small economy.”

The Minister added, “The Isle of

Man is a great example of sustained

economic success: an international

financial centre which can be relied

upon by its investors to provide a

stable, pro-business environment in

which they can flourish and by other

countries as a responsible and

reliable partner.”

Treasury Minister welcomesAa1 Moody’s rating confirmation

T

Treasury Minister Eddie Teare MHK welcomed the announcementin December of the Isle of Man’s unchanged Aa1 credit rating by

Moody’s Investors Service.

hen the extended

consultation closed on

November 28 more than

40 responses had been received from

individuals and organisations. All the

comments are now being carefully

considered before the Bill is finalised

for introduction.

The Chief Minister commented:

‘The consultation has attracted a

range of responses in terms of views

expressed and length of submissions,

but I’d like to thank everyone who has

made a contribution for taking an

interest in this major piece of social

legislation.

‘This is a comprehensive Bill with

implications across the public and

private sectors, so it’s important to

point out that its implementation will

be phased in to allow time for

preparation, the production of

guidance and the processing of

necessary secondary legislation. It

won’t all come in in one Big Bang

following the granting of Royal

Assent.’

Subject to a range of exceptions,

the Equality Bill prohibits

discrimination, in the provision of

goods and services as well as in

employment, on the grounds of

specified characteristics including

age, disability, gender, race, religion

and sexual orientation.

The Bill, which would replace the

Disability Discrimination Act 2006

amongst other legislation, also

requires organisations to make

reasonable adjustments to

accommodate the needs of disabled

people.

Equality Bill consultation update

WChief Minister Allan Bell MHK has thanked respondents to the public

consultation on the Equality Bill for their contributions to the process.

ISLE OF MAN

PORTFOLIO ISSUE 151


he report, for the period 1 July

to 30 September 2014, shows a

2,400 increase in the number

of people in receipt of pension income

over the past three years.

The same period has witnessed a

reduction of 1,100 in the Island’s

working population, coupled with a

fall in unemployment of more than

200. The statistics also point to more

people having more than one job.

The report states: ‘Enough jobs are

being created to reduce the

unemployment count. However, the

trend towards more retired persons

and fewer in work has implications for

the dependency ratio [the number of

people not of working age, compared

with the economically active

population], for National Insurance

receipts and for the range of job

opportunities for those coming into the

workplace.’

Chief Minister Allan Bell MHK said

the underlying trends emphasise the

need for Government to address a

range of big ticket issues, such as

benefits and healthcare costs, to

ensure the Isle of Man’s future

sustainability.

He commented: “The Island’s

economy is still expanding by more

than 3% per year, taking us to our 30th

consecutive year of growth. However,

while unemployment is falling, we are

seeing a reduction in the overall

number of people in work and an

increase in those holding multiple

jobs. As the dependency ratio

increases, this impacts on our state

pensions and benefits.

“Ten years ago our spending on

benefits and pensions was £147.5m.

This year we expect to spend £268.4m.

Similarly, our spending on health and

social care will be £234m this year - a

quarter of our total gross budget. We

cannot sustain this and that is why

Government is working to develop a

system that is fair and supports those

most in need. This is a challenge being

faced by many other nations and was

high on the agenda during discussions

with political leaders at the recent

British-Irish Council Summit.”

The number of older people in the

Isle of Man is projected to rise from

16,000 in 2014 to 26,000 by 2035. A

report by performance improvement

consultants Ci65 commissioned by

Treasury predicts that if changes are

not made the Manx National

Insurance Fund, from which the state

pension is paid, will be exhausted by

2047 - seven years earlier than

previously forecast.

The Chief Minister said: “The Ci65

report recommends a bold

transformation of the social security

system to make it meet the Island’s

needs and protect the future of state

pensions and benefits. Doing nothing

is not an option.

“We don’t want to scare people, but

we must continue to raise awareness

of the scale of these challenges and

engage the public in discussions about

our future direction.”

Ageing population underlined inlatest Government report

T

The latest Quarterly Economic Report to the Council of Ministershighlights the continued growth in the number of pensioners in the

Isle of Man.

he plans include the

upgrading of pavements,

improvements to the Rose

Garden and Manx Electric Railway

station and the creation of a village

square outside Whitehouse Close and

Whitehouse Building. High quality

limestone and granite will be used to

upgrade the public realm in sympathy

with the Conservation Area.

The scheme focuses on improving

pedestrian access within the village

centre. A key aspect of this will be the

provision of a new paved link to

connect the MER station and the new

square. This will include a combined

stepped and ramped access, creating

a safer and easier route for

pedestrians.

The plans have been overseen by

the Laxey Regeneration Committee

and reflect the original public

consultations which generated lots of

feedback and a clear view that the

MER station and Rose Garden should

be enhanced and strengthened as the

heart of the village.

Steve Rodan SHK, Chairman of

the Laxey Regeneration Committee,

said: “Laxey has so much to offer but

at present the condition and

appearance of the public realm lets it

down. This scheme will dramatically

improve the centre of the village and

will provide a high quality, well-

connected focal point.”

Laxey regeneration scheme to beready ahead of TT 2015

TA significant regeneration project to enhance the heart of Laxey

village is now underway, with scheduled completion ahead of TT 2015.

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inister for Economic

Development Laurence

Skelly MHK presented the

certificates to Director of the Ship

Registry, Dick Welsh and Companies

Registrar, John Wilkinson.

The Minister commented: “I

congratulate the staff of both registries

for their dedication and hard work in

achieving these awards.

“Customer needs and expectations

are constantly changing and these

awards recognise that the Companies

Registry and Ship Registry have been

able to identify and adapt to those

changes and provide customers with a

consistent first class service.”

Quality Manager for the Ship

Registry Ray Ferguson said, “Customer

focus and the quality of service have

been key factors in the continued

success of the Isle of Man Ship Registry,

which is recognised as one of the

leading ship registers in the world.

Continual internal self-assessments

linked to appropriate performance

measurements and coupled with

regular external audits by independent

assessment bodies such as LRQA

provide assurance to clients that all our

systems and procedures are operated

in a robust and controlled manner.”

John Wilkinson, Companies

Registrar added, “An open approach

that encourages and involves everyone

generates a constant stream of

improvement opportunities. The

combination of real customer focus in

Companies Registry and a willingness

to embrace change by the whole team,

backed up by a system that sets

achievable objectives and monitors

internal and external performances is

what really works.”

One of the most widely used

management tools in the world;

successful renewal of the ISO9001

certification required the Registries to

demonstrate continual development

and improvement of their business

processes.

The three year certificate renewals

were awarded after audits by Lloyd’s

Register Quality Assurance (LRQA).

ISO Certification successfor Registries

M

The Isle of Man Companies Registry and Isle of Man Ship Registryhave announced the renewal of their ISO 9001:2008 certification after

successful audits of their quality management systems. Below:

Dick Welsh,Director, Isle of Man Ship Registry;

Alan Crowe MLC, DepartmentMember with responsibility forCompanies and Ship Registry;

Minister for EconomicDevelopment, Laurence Skelly MHK;

John Wilkinson, CompaniesRegistrar

he festival is growing in

popularity as a day out for all the

family and, in 2014, attracted

5,600 visitors who spent more than

£110,000 buying produce at the event,”

said Richard Ronan MHK, Minister for

Environment, Food and Agriculture.

“Visitors from off the Island are

among those who enjoy the great

selection of local food and drink and the

celebration of its role in the Island’s

culture.

“The event boasts the chance to

taste and buy local food and drink;

cookery demonstrations and the final of

the prestigious Chef of the Year

competition, which is always closely

contested, as well as activities for

children,” the Minister continued.

“Not only is the festival unique in the

Island but it is an excellent stage from

which to promote the fantastic range of

locally produced food and drink.

“The festival attracts excellent

media coverage, both on and,

increasingly, off the Island, and provides

an unrivalled opportunity for sponsors

to raise their profile as supporters of

Manx produce and the local economy.”

The event will form an intrinsic part

of ‘Food Matters’ – DEFA’s blueprint to

grow the value of the Isle of Man food

and drink industry by £50 million over

the next decade, which received

Tynwald’s backing in November.

The development of a distinctive

local food and drink sector is a key aim

of Vision 2020, the Government’s

strategy for economic success.

There are gold, silver and bronze

sponsorship packages available.

To discuss becoming a sponsor,

contact: Audrey Fowler, Marketing

Officer at DEFA via

[email protected] or 01624 685856.

Sponsors sought for major festival

T

Sponsors are sought for the seventh Isle of Man Food and DrinkFestival. The festival, run by the Department of Environment, Food and

Agriculture (DEFA), takes place at the Villa Marina Gardens on 19thand 20th September 2015.

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Features

ISLE OF MAN

Coming soon, the new ‘Equality Challenge’:are you ready?

What next for Japan?

New Year: New World or Same Old?

Old Mutual International:More than just a rename

High calibre recruitment

Cryptocurrencies andAnti-Money Laundering Laws

A Bespoke range of services

Business community at KPMG Tax Seminar

Design trends for 2015

Sundry Estate Planning in the Isle of Man

SPECIAL FEATURE:ARE WE THERE YET? 3 Things the Isle ofMan Government Must Do in 2015

nnounced by Allan Bell,

Chief Minister, as being “one

of the most important pieces

of social legislation progressed in the

Isle of Man in recent times”,

consultation took place on the

introduction of the Equality Bill

between August and November 2014.

The Equality Bill would make it

illegal to discriminate on the grounds

of protected characteristics such as

age, disability, gender, gender

reassignment, race, religion or belief,

sex, sexual orientation, marriage and

civil partnership and pregnancy/mat-

ernity, building on the much more

limited protection from discrim-

ination under the existing law and

introducing some new “protected

characteristics”. The Equality Bill

would cover the provision of goods

and services in a wider sense as well

as equality of opportunity in the

employment context. The Bill is

largely based on the UK’s Equality Act

2010, but with some adaptations

specific to the Isle of Man, mainly in

relation to the enforcement structure,

and it provides that direct

discrimination, indirect discrim-

ination, harassment and victimisation

in relation to any of the protected

characteristics would be discrim-

inatory.

There can be no doubt that the

Equality Bill heralds significant

changes to the current legislative

landscape of Manx employment law.

The potential scope of the Bill is very

wide and will affect all businesses in

every sector, whether large or small.

Elaine and Katherine are at the

forefront of tackling the important

issues of diversity and equality in the

workplace. They will be hosting a

series of awareness sessions in the

New Year, where they will give an

overview of the proposed new

equality legislation and examine what

it may mean for employers; what they

need to be aware of; and the extent of

their obligations and the possible

challenges.

The main focus of the workshops

is to alert employers to the likely

changes which will be required to

ensure that their organisation’s

policies, processes, and practices are

up to date and meet the requirements

of the proposed legislation.

Employers will receive practical

advice and guidance on potential

changes which will be required and

on managing this change within the

culture of the organisation.

Elaine is a change leader, and her

previous experience in supporting

businesses with the implementation

of the UK Equality Act 2010 means

Coming soon, the new ‘EqualityChallenge’: are you ready?Elaine Codona, Director of Global People Solutions, is working on ajoint initiative with Katherine Sheerin and the employment law team

at Cains to raise awareness with Isle of Man businesses, andparticularly employers, on the practical application of the proposed

new equality legislation.

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PORTFOLIO ISSUE 151

NEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

A

Right:Elaine Codona.

Far right:Katherine Sheerin

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PORTFOLIOISSUE 151

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she is well-placed to support

businesses through the changes in

the Isle of Man.

Elaine has had an interesting and

varied career, having worked in

senior roles for many organisations

across a variety of sectors and

locations. Prior to setting up her own

business, Elaine was a Director of

Barclays Private Clients International

and headed up the HR function for

the Offshore Islands.

Elaine has been involved in local

initiatives such as the Departments of

Education and Children and

Economic Development Employ-

ability Skills initiative. She is a

Committee member of the Isle of Man

Chamber of Commerce Education &

Training Committee and has recently

joined the Institute of Directors.

The response to the recent

workshops on the consultation of the

Equality Bill, organised by the

Chamber of Commerce, and which

gave businesses the opportunity to

provide feedback and input to the

consultation, was high and showed

that the Isle of Man business

community wants to learn more

about the new proposals.

Katherine heads up Cains’

employment team and has many

years of experience advising

employers on all legal aspects of the

employment relationship from

recruitment through to termination.

Katherine also provides advice and

training on employment law

developments and, in working from

Cains’ London office, is well

acquainted with the impact of the UK

equality legislation and

developments in that context, which

are likely to lead the Isle of Man

position. Elaine and Katherine are

looking forward to working

collaboratively to provide both legal

and practical advice, support and

guidance, as well as assisting

employers through this important

change in the employment law

landscape. It is anticipated that

Elaine’s consultancy and HR services

together with her solid practical

experience in the equality area will

be highly complementary to Cains’

offering.

Katherine added, “Elaine is a

highly regarded HR professional who

will bring a wealth of practical

experience to complement Cains’

legal services which we can offer to

our clients and the wider business

community.”

If you are interested in finding out

more, or if you would like a “health

check” of your organisation’s

documentation and practices in

advance of the introduction of the

Bill, call Elaine on 07624 365 353 or

email [email protected].

For Isle of Man legal advice and

support on all employment related

matters, employers should contact

Katherine on 0207 367 0032 or

[email protected].

We look forward to hearing from

you and to reserving your place on

one of our equality seminars in the

New Year.

gnoring the impact of currency

movements, Japanese equities

have enjoyed a pronounced

renaissance. In local currency terms the

Nikkei 225 rose 23% in 2012, surged a

further 57% in 2013 and to 30 November

2014 gained an additional 7%. Since

2011, the Nikkei 225 has actually

outpaced the US S&P 500.

However, unless foreign investors

had taken the decision to negate

currency movements, they have not

fared anywhere near as well because the

Japanese yen has been in freefall. At the

end of November 2011 US$1 bought

¥77.62. Three years later US$1 bought

¥118.63; a depreciation of 52.8%. It is

this depreciation which has helped boost

the price of Japanese assets and was one

of the intended consequences of Prime

Minister Shinzo Abe’s so called

“Abenomics”. In another attempt to

restore growth to a structurally crippled

economy, Abenomics consists of three

“arrows” namely: monetary reflation

(pumping vast quantities of yen into the

economy), fiscal stimulus/consolidation

(broadening the tax base and ensuring

government policies support growth)

together with the suitably vague

structural reform. This latter arrow is a

catch all for anything which might be

presented as aiding the long term

structural growth of the economy. Only

two things were required of these

policies – that economic growth was

boosted and that it put an end to the

persistent deflation which has ravaged

the economy.

Given it is approximately two years

since Abenomics was unleashed, has it

been a success? Sadly, the only

unqualified success has been the boost

provided to asset prices. Elsewhere, the

results are far from conclusive and we

judge that Japan remains at a distinct

crossroads.

A VAT hike in April had severe

repercussions for the economy. By the

end of September Japan was reported to

have slumped back into recession.

Meanwhile, stripping out the effect of the

consumption tax hike, consumer price

inflation is barely in positive territory and

even this appears wholly attributable to

the fall in the value of the yen. Any

prolonged stabilisation in the currency

could quickly erode even this meagre

reading. Inflation does not yet appear

“entrenched” in the mind-set of either

businesses or the populace. In fact, with

nominal wage growth continuing to lag

price rises, Japanese consumers are in a

worse position than they were two years

ago.

As far as economic restructuring is

concerned little of note has been

achieved. There are certain things

which even well planned and nimbly

executed fundamental reforms will not

overcome – the horrific demographic

profile of the country being chief among

them. The Japanese labour force is

declining by 1.5% per annum and,

absent mass immigration, will continue

to contract. Even the much vaunted

attempt to increase the female

participation ratio may have little effect

given that female workers already

account for close to 50% of the

workforce. Tariffs also remain higher

than the EU and US, corporate

restructuring has been limited and, in

many ways, Japan is as closed an

economy as it was two years ago.

That is not to say there has been no

progress. Companies are being overtly

encouraged to provide pay rises to

workers, productivity growth is on a par

with Europe and the Japanese corporate

sector has a better debt profile than other

regions. So too, at the end of October the

Bank of Japan surprised many by

escalating its asset purchase programme

to ¥80 trillion (US$700 billion) annually.

However, even here we can’t help but

think that Plan B looks a lot like Plan A;

just with a bit more gusto.

Despite the limited success of

Abenomics Shinzo Abe’s popularity is

such that he called a snap election in

November in which he committed to

delaying the second planned

consumption tax rise scheduled for

October 2015. It would be a shock if Abe

was not returned to power. But what

then? Do the hopes of the economy

continue to rest on engineering a further

decline in the yen? Will Plan B be

followed by Plan C and will either prove

more successful than Plan A in

introducing true economic progress? We

have our doubts on many of these fronts

and consequently, despite the New Year

tradition of favouring Japanese equities,

we will look elsewhere for inspiration

just for now.

I

What next for Japan?It is the time of year when predictions are made; when

commentators confidently forecast which assets and markets willperform particularly strongly in the coming months. It is also the

time of year when, as a result, the Japanese stockmarkethistorically enjoys a surge in popularity.

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ISLE OF MAN

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By Dermot Hamill,Head of Wealth Management,

Canaccord Genuity Wealth ManagementIsle of Man


It would be a shock ifAbe was not returnedto power. But whatthen? Do the hopesof the economycontinue to rest onengineering a furtherdecline in the yen?

K, let’s not get carried away

but with the cobwebs now

dusted down and the

(calendar) year-end hangover gone,

not to mention the Christmas

decorations put away, I imagine we

will all be glad to face forward and

look beyond the oft referred ‘shoots of

recovery’ to a hoped for full-blown

blossoming of economic growth,

recovery in confidence and

achievement of aspirational develop-

ments at home and abroad.

This sounds like a New Year’s

‘wish list’ but, really, I am just musing

on what might be in store around the

globe. Anyway, the Chinese New Year

doesn’t occur until 19th February and

we are well into January 2015

already!

It would be good though if, in

2015, the main economies and central

bankers were able to progress with

their plans to return to a more normal

basis i.e. post-QE, post 0% interest

rates, post-meltdown planning etc.!

As a Glass-Half-Full man, I like to

look for the positives but, as a realist,

there haven’t been many of those for

some time. Even the mighty Chinese

and US economies have struggled to

achieve their hopes and potential in

the recent past. Whilst the US has, as

part of the post-2008 trauma

normalisation process, seen an

ending of QE, China has been

attempting to manage the slowdown

in their growth rate, such that it does

not falter or undershoot too greatly

and lead to significant economic

slowdown or social unrest, given its

huge aspirational middle-income

population. Europe is looking jaded,

sick and in need of serious structural

remedial action, as does Japan, which

is not the powerful economy it was

ten or twenty years ago and it too has

significant steps to take to avoid

catastrophic consequences of an

ageing & declining population and

consequently long-term contracting

economy.

The shifting age profile of the

world and the economic

developments recently and currently

underway point to Asia as the growing

power in the New World order –

China is doing it, South & East Asia

(e.g. Taiwan, Korea, Singapore,

Thailand etc.) have been in such a

phase of change for years. Countries

such as The Philippines, Vietnam,

Cambodia and, much more

importantly, India and even Myanmar

are developing quickly and will only

grow in importance.

So, as Europe and North America

gets older and constitutes less of the

economic world ‘order’, where will

we see economic and political power

blossom? Well, China and India

obviously. We have already seen the

political and economic growth of

China since Deng Xiaoping’s far-

reaching economic developments and

more open engagement with the rest

of the world. In terms of politics, it is

becoming more muscular in its

dealings with its neighbours (Japan &

Vietnam), where old historic issues

still rankle, while India has the

benefits (for the western world in

general and North Americans &

Europeans in particular) of stable

political and legal systems, English as

a business language and historic

trade links & family diaspora. Such a

shift toward Asia is, however, not a

one way bet or simple linear

movement. There are many hurdles

and issues to trump i.e. “There’s

many a slip ‘twixt cup and lip”. That

is not to say that the population shift

is anywhere other than toward Asia

for now and then toward Africa but, in

political terms, those regions need to

O

New Year:New World or Same Old?This coming Lunar year (starting 19th February) is the Chinese Year

of the Sheep so let us hope that it is a spring-time of new lifeand not a year of herding!

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By Alan Molloy,Managing Director,

A 2 B Consulting Limited


ISLE OF MAN

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mature and evolve as regional or

global powers and commercial

drivers and that will only happen

outside their borders as they develop

their international political

relationships, responsibilities and

engagement.

For China, having shunned the

outside world in the middle ages and

again after the 1949 revolution, it is

proving a harder act to achieve,

particularly given their recent i.e. post

1949 communist background and

centralised state control. Giving up

such complete internal control is

never easy, smooth or pain-free.

However, with an enormous

aspirational middle-class, the

populous wants greater freedom

economically and politically. The first

is being managed to a reasonable

degree, the latter is a more delicate

matter to achieve. At some date in the

future there may be a tipping point

beyond which the Communist Party

cannot control events themselves and

a system of government and law

needs to be in place to ease the

transition – if the Party is to give

people real democratic control.

I remember when studying

politics that benevolent dictatorship

appeared (theoretically anyway) to be

an attractive proposition - indeed,

perhaps the best form of government.

However, the catch was in sourcing

the right benevolent dictator!

Anyway, China has managed an

enormous sea-change from Maoism

through the market developments

under Deng, to the current position

under President Xi. Let us hope for a

smooth onward evolution.

India, because of its history, has

political structure, the rule of law and

a history of trade with the outside

world for millennia. It may be behind

the curve vis-à-vis economic

development compared with China

but it will likely overtake it before we

reach mid-century. So, the macro

view is very positive. The glass is

definitely half-full!

Providing some balance or rein-in

on such enthusiasm, Eswar Prasad,

an economist and author of “The

Dollar Trap” (a book on the global

economic system) suggests that there

are three stages or aspects to the

internationalisation of a currency -

something that will be an essential

requirement of the Renminbi if China

is to achieve its full potential. Firstly,

it needs to be used for the settlement

of trade: something that is already

happening with the Chinese currency

- where it is now accounting for

20%+ of its international trade.

Secondly, Capital Markets liberal-

isation: something yet to be adopted

and developed. There is a small

element of China’s debt that can be

traded internationally but it is

miniscule at the present time. Free

convertibility of the Renminbi is not

yet available. The third element:

becoming a global reserve currency

can only be achieved by the

achievement of the second element –

so, in Mr Prasad’s estimate, we have

some way to go yet for China to attain

its global / reserve role in the world

economy.

The other Asian economies are

and will develop further on the back

of and in conjunction with the two

powerhouses mentioned. Intra-

regional trade will eclipse

inter-continental trade flows as

economies move from subsistence

farming and cottage industries to

more developed secondary and

tertiary industries and trade, just as

Europe and America did in the 19th

and 20th centuries.

The West has to encourage and

support such developments – it is a

win-win scenario. Let’s hope that

someone doesn’t spoil the party!

Europe is lookingjaded, sick and in needof serious structuralremedial action, asdoes Japan . . .

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Old Mutual International:More than just a rename

As the local Isle of Man employer, RoyalSkandia, rebrands to Old Mutual

International, I take the opportunity to askPaul Feeney, the CEO of Old Mutual

International’s parent company Old MutualWealth, what this means for the

organisation and for its presence on theIsle of Man.

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So, Paul, please could you firstlyexplain to our readers what yourcompany does?

Put simply, Old Mutual Wealth is

an investment business. We help

people protect and grow their

investments. We recognise that this

can often be a daunting process and

so we are strong supporters of

financial advice and aim to provide

information and support to give our

customers confidence when

managing their investments.

The business is headquartered in

the UK and our international

operations are predominantly operated

from our main office here on the Isle of

Man. We oversee £80 billion in

investments for well over 1 million

customers.

Our business has rapidly

expanded in recent years as we have

invested in bringing together all the

elements we believe people need to

effectively manage their investments.

We now offer:

Financial advice via Intrinsic in

the UK and Aiva in Latin America,

providing personal financial planning

and wealth management solutions

based on individual goals and

aspirations.

Investment platforms in the UK

and cross-border from the Isle of

Man, offering versatile ways to help

people save and invest via products

like ISAs, pensions and offshore

bonds.

Investment management via

Quilter Cheviot*, providing managed

investment portfolios and discret-

ionary investment management to

suit a wide range of investor needs.

Asset management via Old Mutual

Global Investors, offering high

quality fund solutions with an

outstanding performance track

record.

To put our business into context,

we are part of Old Mutual Plc, a FTSE

100 group that provides life

assurance, asset management,

banking and general insurance to

more than 16 million customers

across the world, with over £300

billion assets under management.

How does your offshore businessfit within Old Mutual Wealth?

Old Mutual International is our

cross-border product provider,

offering offshore bonds and

investment solutions globally via

offshore jurisdictions in the Isle of

Man and Dublin. We are committed

to building a strong cross-border

investment business under the Old

Mutual brand that will offer financial

advisers and their customers new

investment solutions, using the skills

and resources we have invested in

over recent years.

So what sets you apart in thiscrowded industry?

I think it is our focus on our

customers. We spend a lot of time

talking to them and their financial

advisers so we understand their

needs. Ultimately our purpose as a

business is to enable positive futures

for our customers by giving them

control over their investments. WeISLE OF MAN

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understand that for our customers,

investing is not an end in itself but a

means to an end. They want to utilise

their investments to make a

difference in their lives and the lives

of others. I think that understanding

our customers and what they are

trying to achieve sets us apart

because it enables us to align our

business with those needs.

How does this translate to OldMutual International?

It is exactly the same within Old

Mutual International. We promote

the value of financial advice and we

are building new investment

solutions that will help our customers

achieve their goals. For example, we

are looking at launching a

researched fund range for our

international business using the

investment expertise of our asset

management business, Old Mutual

Global Investors. This is a business

that was recently voted Global Fund

Group of the Year at the Fund

Manager of the Year awards and has

the best fund research capability in

the market. So our international

customers will be able to benefit from

having this capability within our

business.

Similarly, we have recently

announced our intention to purchase

Quilter Cheviot which is one of the

largest and best discretionary

investment managers in the UK.

Once that acquisition is complete*,

we will look at the possibility of

exporting that capability to our

international customers via our

offshore bond products.

How have you invested in youroffshore business?

Advisers and customers are at the

heart of our business, and providing

them with an outstanding service is

our top priority. We have recently

developed and rolled out a new

innovative wealth management

platform called Wealth Interactive.

This was a significant investment and

takes platform technology to a new

level in the international market,

providing better online processing

and enhanced flexibility. It is literally

transforming the way we work with

advisers and customers.

How has Old Mutual International’ssuccess been recognised?

We pride ourselves on our

customer service, support to financial

advisers and innovation. This

customer-focused approach has been

well-recognised. For example, in

2014 we won seven awards at the

International Adviser Life Awards:

UK Offshore:Best Online Proposition

Asia:Best New Product and Best Single

Premium Investment Product

Europe:Best Single Premium Investment

Product and Best for Adviser

Support/ Customer Service and Best

Online Proposition

Middle East:Best Regular Premium Investment

Product

Wealth Interactive also won an

award for the Best International

Adviser Portal at the 2014 Profess-

ional Adviser International Fund &

Product Awards.

Will you continue to invest in yourIsle of Man location?

Most definitely. We are very proud

of our long heritage on the Island,

having been established under the

Skandia brand over 30 years ago. We

are now one of the largest financial

services providers on the Island,

employing over 350 people in our

office in Onchan.

We run an efficient and effective

operation on the Island, with

employees committed to providing

advisers and customers with

outstanding service and support.

Employees also provide support at a

global level, to our offices in

Singapore, Hong Kong, Dubai, Latin

America and South Africa. The Isle of

Man office acts as the hub of our

international business and we will

continue to invest in the future success

of the business and our employees.

Do you find it a problem attractingand keeping employees on theIsland?

Employees are key to the success

of our business and we rely on the

commitment, talent and diversity of

all our employees. Here on the

Island, we have found a good pool of

talented individuals from which our

employees have been chosen. Our

focus on motivating, developing and

leveraging the strengths of our

people helps maintain a high

performance culture and ensures our

employees stay with us.

Old Mutual is a very diverse

business made up of people from

different backgrounds, cultures,

countries, professions and experiences.

It's this diversity that makes us such a

unique and interesting organisation.

One of the things we all aspire to is a

common high performance culture.

This high performance culture is

articulated through our values and

behaviours. Building this culture is

fundamental to delivering the right

results and achieving our purpose of

enabling positive futures for our

customers.

Why is it important for you toserve the communities in whichyou operate?

We believe large businesses have

a responsibility to support the local

communities in the markets in which

they operate. Leveraging corporate

knowledge and experience, together

with the skills of employees, can

make a big difference.

We recognise that responsibility

and our long-term success is closely

connected to being part of, and being

trusted by, successful and sustainable

local communities. We invest in our

local communities financially, as well

as through employee volunteering

and giving programs.

In 2014 we raised over £100,000

for charities in the communities we

work in including £8,500 for the Isle

of Man Hospice which includes

Rebecca House, the children’s

hospice. Employees also kindly

donated a selection of Christmas gifts

for the children at Rebecca House.

To summarise Paul, what do yousee as the overarchingsignificance of the rename fromRoyal Skandia to Old MutualInternational?

It is certainly much more than just

a rename. Over the past two years

we have been transforming our

business in line with the needs of our

customers. We used to be

predominantly a platform provider

but the rename heralds the relaunch

of the company as an investment

business encompassing financial

advice, platforms, investment

management and asset management.

We now offer our customers so much

more than we did just a year ago and

I am very excited about the value we

can deliver to them as Old Mutual

International.

*Acquisition due to complete in Q1 2015

Old Mutual is a verydiverse business madeup of people fromdifferent backgrounds,cultures, countries,professions andexperiences. It's thisdiversity that makes ussuch a unique andinterestingorganisation. One ofthe things we allaspire to is a commonhigh performanceculture. This highperformance culture isarticulated throughour values andbehaviours.

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ith an experienced team

of 11 recruiters, and a

senior Management Team

working closely with the Directors in

day to day strategy and delivery,

Paragon specialise in the resourcing

of permanent, temporary and contract

workers within the Isle of Man at

every level, from first job through to

executive appointments.

Recruitment is a highly

competitive business, but how has

Paragon continued to develop and

expand throughout economic

challenges and increasing

commercial competition?

The Paragon approachParagon partner closely with both

clients and candidates to enhance

value as recruiters through careful

application of a blend of knowledge,

reach and technology - delivering

honest, accurate advice and most

importantly, real results.

This focus and reach ensures that

partnered clients have access to a

premium network of talent, and

Paragon’s robust interview, selection,

referencing and verification

processes increase the impact and

relevance of candidates submitted for

any given position – temporary or

permanent, junior to executive.

Who Paragon recruit forWith a client base predominantly

finance sector driven, extending to

key staff within manufacturing, retail

and e-commerce sectors, Paragon

flexes to pro-actively support the

diverse, innovative and emerging

businesses operating from the Isle of

Man.

Employers of choice and

candidates with ‘in-demand’ skill sets

will often be faced with a sea of

opportunity when hiring in talent or

embarking upon a search for a new

role. Everybody wants to work for that

highly successful employer brand and

talented finance & business

professionals are always in demand,

as employers seek out forward

thinking innovators.

Debbie commented, “We are

proud of our association and

preferential supply to respected global

businesses, in addition to supporting a

diverse portfolio of small to medium

sized enterprises flourishing from

operations within the Isle of Man.

‘Our access and appointment to

supply the scope of these clients has

taken many years in the building,

necessitating qualification, financial

stability and demonstrable service

fulfilment, indicative of our consistent

service and success levels; we like to

W

High calibre recruitment

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ISLE OF MAN

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Paragon Recruitment expanded into St Georges Chambers, HillStreet in Douglas in February 2012, a location carefully selected

for the combination of contemporary open plan space to house theParagon team, together with a network of discreet meeting roomsto cater for increasing client supplier arrangements and candidate

numbers. This move has proved to be highly beneficial, andcontinues the success story for the owner-run business since its

acquisition by Jo Wood and Debbie Cooper in July 2007, providing aprofessional environment conducive to effective communication,

confidentiality and convenience.

Debbie Cooper, Jo Wood

ISLE OF MAN

PORTFOLIOISSUE 151

think our customers partner with us

not just because we deliver great

results but because of the high levels

of integrity, passion and energy that

underpins every aspect of our

service.”

Relationship ManagementThe Paragon approach to

candidate management and the on-

going maintenance of this all

important relationship makes for a

very different ‘candidate experience’

and one that ensures Paragon are

viewed as trusted advisers with an

honest and transparent approach.

Jo commented, “We recognise

how essential the establishment of an

effective relationship with a candidate

can be, as do our partnered clients

when we are competing for candidate

loyalty in the market place on their

behalf.

“We are passionate about

delivering a positive candidate

experience, from initial enquiry

through to information sharing,

interview preparations, feedback,

negotiation, successful placement and

beyond, as we appreciate that it’s not

only our reputation but that of the

clients we represent which is crucial

to uphold and enhance.”

Executive Division Paragon’s Executive Division has

a long and successful track-record in

supporting accomplished business

leaders to attain fulfilling, onward

steps in their careers. Due to the

highly confidential nature of these

posts, they are invariably executed on

an exclusive basis using search

methodologies.

Dean Helm, Associate Director

and Manger of the Paragon Executive

Team commented, “Our Executive

Recruiters are respected, networked

and effective in this distinct market

space, with the credibility, track

record and impact necessary to be

taken seriously at board level.

“We work closely with business

leaders and decision makers, boards

and strategists to source talent for

growth, development and succession;

our consultants carry an enviable

reputation in gaining results whilst

adding value to both client and

candidate throughout the process.”

General Recruitment, Temporaryand Contract Work

Paragon’s General Recruitment

team work closely with the busy

Temporary Division, managed by

General Manager, Lucie Dolman,

extending the proven approach

across the business. Lucie

commented, “We share in-house

information to provide focused impact

to the individuals and businesses we

work with, providing end-to-end

consultancy and effective relationship

management.

“As a preferred recruiter for many

of the Island’s premier employers, we

are able to offer a comprehensive

selection of permanent and

temporary opportunities, together

with guidance and support through

out the process.”

Interview, Assessmentand Skills Testing

Paragon’s team of recruitment

consultants utilise a defined

behavioral and competency based

interview approach, which has been

designed to gain meaningful

information and insight about each

individual candidate, their

preferences, strengths and areas for

development.

Marie Hawley, Recruitment

Manager advised, “We question and

clarify individual skills, existing

knowledge base, behavioral

attributes, leadership and manage-

ment capability and application,

which we can then apply to the

individual needs of each partnered

client and appropriate vacancy to

ensure the right match. We also seek

to understand an individual’s

potential and their development

needs.”

Networks and PartnershipsEach consultant at Paragon is

extensively networked within the

industry that they support and is

therefore capable of tapping into an

expansive network of contacts on

behalf of their clients. Consultants

are supported by research,

infrastructure and the technology to

ensure knowledge of suitable

candidates within the marketplace is

always current.

This customised approach

ensures consistent delivery of a

controlled message with significant

cost savings, with the reassurance

that the target candidate market has

been fully surveyed, approached and

assessed professionally, in a timely

manner.

Advising with honesty,intelligence and socialresponsibility

For any individuals Paragon are

not able to assist, or where a direct

approach would be of greater impact,

the team provide information and

support - a weekly Job Clinic provides

free advice and guidance.

The ‘Jobs4U’ initiative, owned and

managed by Paragon, is a social

media platform offering recruitment

advertising with direct job seeker

interaction, currently assisting over

7,500 group and page members,

supporting all industries, levels and

employers across the Island.

It’s an approach which has seen

Paragon enjoy year on year growth

since 2007, with impressive referral

levels, cv-interview-placement

conversion rates and record levels of

candidate/client retention and

acquisition, which according to the

Directors, is testament to the calibre

of the Paragon team.

2015 sees the launch of an

enhanced Paragon website, fully

optimised for mobile and tablet use

and designed specifically for the

convenience of Isle of Man job seeker.

Providing direct access to the

recruiter managing each vacancy,

real time job alerts direct to your

inbox and a range of job search tips

and features, this approach adds a

further dimension to service levels

and accessibility.

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Marie Hawley

Dean Helm

Lucie Dolman

Cryptocurrenciesand Anti-Money Laundering Laws

Since Bitcoin started to trade in 2009, the popularity ofcryptocurrencies has increased steadily. Recent scandals, such as

Liberty Reserve and Silk Road, do not appear to have dampenedconsumers’ spirits. Supranational authorities and governments

alike are now recognising both the benefits and risks of thisemerging market and considering how best to regulate the same. Chiva Arthurs, Associate Advocate at Gough Law, discusses the

inherent anti-money risks of cryptocurrencies, recent globalenforcement action, and the likely future landscape for the

regulation of digital currencies in the Isle of Man.

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What are cryptocurrencies?A cryptocurrency is a medium of

exchange, which uses cryptography

to secure transactions and control the

creation of new units, and which does

not have legal tender status in any

jurisdiction.

Some cryptocurrencies are

convertible, having an equivalent

value in real currency (e.g. Bitcoin),

whilst others are non-convertible and

are specific to a virtual domain or

world (e.g. World of Warcraft Gold).

Cryptocurrencies are neither

controlled nor guaranteed by any

jurisdiction and are only governed by

rules set by the community of users in

which they operate. In effect,

cryptocurrencies are decentralised

currencies.

Why the fuss?These alternative payment

systems, by their very nature, present

a number of money-laundering risks.

Cryptocurrencies allow for non

face-to face transactions, thus

facilitating anonymous funding and

transfers. Participants are identified at

most by their cryptocurrency account

details (e.g. Bitcoin address) – which

is not linked to names, addresses or

other personal identifying detail.

As they can be traded freely on the

internet, cryptocurrencies provide the

perfect medium for speedy cross-

border movement of value. As an

added bonus, the transaction fees

levied by transmission services for

transfers are minimal.

The big attraction lies in the

transmission infrastructure used.

Indeed, cryptocurrencies are

commonly reliant on complex

infrastructures which involve several

entities spread across various

jurisdictions to transfer funds and

execute payments. The transmitting

entities are often unlicensed and

sometimes located in jurisdictions

with little to no governmental

supervision, or questionable AML

frameworks. Participants’ identities

are in such cases not verified.

These characteristics make virtual

currencies a perfect candidate for the

laundering of criminal proceeds.

The recent debacle involving

Liberty Reserve goes exactly to this

point. In May 2013, Liberty Reserve

was charged by the US Department ofISLE OF MAN

PORTFOLIO ISSUE 151

By Chiva Arthurs,Associate Advocate,

Gough Law

ISLE OF MAN

PORTFOLIOISSUE 151

Justice with, amongst others, money

laundering and facilitating the

movement of over US$ 6bn in

criminal proceeds (ranging from

proceeds from credit card fraud,

narcotics trafficking, computer

hacking and child pornography to

name but a few). Liberty Reserve was

a Costa-Rican unlicensed money

transmission service. Whilst Liberty

Reserve required users to open an

account with it to use its services,

identities were not validated (thus

allowing, for example, for “Joe

Bogus” from “123 Fake Main Street,

Completely Made Up City, New York”

to open an account) and users were

required to use “recommended” third

party exchangers (unlicensed and

located in countries with inadequate

AML frameworks) to make deposits

and withdrawals. For a small “privacy

fee”, users could elect to hide their

account details in any transaction

they made – the end result being an

ability to effect untraceable and

anonymous transfers of value across

borders at great speed with no

questions asked.

Silk Road’s story shows another

criminal use of virtual currencies.

Launched in February 2011, Silk

Road, nicknamed the “Amazon of the

crime world”, provided a hidden

platform which enabled users to

buy/sell illegal drugs anonymously.

The only currency available was

Bitcoin, and a tumbler process was

used to randomise transactions thus

making transactions untraceable. Silk

Road was shut in 2013 by the F.B.I.

Governance & RegulationAgainst this gloomy background,

virtual currencies continue to gain

popularity with ordinary consumers,

particularly in countries where

financial systems are in their infancy

or mired with red tape. With

remittance to the developing world

expected to reach US$500bn by 2016,

it is not hard to see how a speedy and

cheap transmission service would be

favoured by individuals sending

money to family in developing

countries.

Recognising the increased

popularity of virtual currencies (for

both legitimate and illegitimate

purposes), FATF produced a Report on

Virtual Currencies in June 2014

detailing the various typologies

connected to virtual currencies. It is

expected this will lead to further FATF

projects, which are likely to culminate

in the issuance of guidance on a risk

based approach to virtual currencies.

In the UK, Chancellor George

Osborne announced a new initiative

on 6 August 2014 aimed at exploring

the potential role of cryptocurrencies

in Britain’s economy. A new

regulatory framework for

cryptocurrencies is expected after the

conclusion of this initiative.

The Isle of Man has also been pro-

active, recognising the potential

benefits to the local economy of a

comprehensive yet supportive

regulatory framework for

cryptocurrencies.

In July 2014, the Financial

Supervision Commission clarified

the application of existing regulation

on Bitcoin, indicating that digital

currency businesses will not fall

within the existing regime unless

they engage in activities regulated

under the Financial Services Act

2008 such as money transmission

services.

The government is looking to

extend Schedule 4 of the Proceeds of

Crime Act 2008 to include

cryptocurrency businesses. This will

see such businesses having to comply

with the requirements of the Money

Laundering and Terrorist Financing

Code 2013 – which includes obtaining

appropriate due diligence,

maintaining records, staff training

and reporting suspicious activity to

the Financial Crime Unit.

As a second phase, digital

currency activities are being included

in the Designated Business

(Registration and Oversight) Bill

2015. If the Bill is passed in its current

form, cryptocurrency services will

need to register with the Financial

Supervision Commission, who will

oversee their anti-money laundering

compliance. This is likely to take the

form of regular on-site inspections

and annual reporting.

These efforts will hopefully add

credibility to an already well

regulated jurisdiction seeking to

market itself as cryptocurrency-

friendly and provide an appropriate

and proportionate anti-money

laundering framework which one

would expect of a responsible

jurisdiction.

The big attraction liesin the transmissioninfrastructure used.Indeed, crypto-currencies arecommonly reliant oncomplexinfrastructures whichinvolve several entitiesspread across variousjurisdictions totransfer funds andexecute payments.

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A Bespoke range of services

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ISLE OF MAN

PORTFOLIO ISSUE 151


Jon & Cathy Morley (Directors of Bespoke Recruitment Limited) cannever be accused of sitting back on their laurels. Now celebrating 9

years at the helm of one of the Islands most highly regarded andsuccessful boutique agencies, they have also launched Bespoke HR,

Bespoke Payroll and Morley Rentals Limited.

espoke HR was launched in

2014 after Jon and Cathy both

passed the level 5 Diploma in

Human Resources Management.

Bespoke HR’s philosophy is to adopt

a personal approach, understanding

every client’s organis-ational culture

and business in order to provide an

effective solution to their HR needs.

Bespoke HR can support and

provide HR advice and guidance in all

aspects of people management. This

can be on an ad hoc or retained basis

to allow you to engage professional HR

and business management experience

when you need it.

“We understand that cost is an

important factor to small businesses”,

said Jon. “Therefore, a free initial

consultation is available to discuss your

requirements in more detail. We are

then able to tailor a support package

that best meets your business needs.

Pay As You Go:Perfect for new business start-ups!• HR Support whether you’re getting

your business off the ground or just

need an occasional hand from an HR

professional.

• Consultancy and advice provided at

an agreed hourly rate

• Fixed prices agreed up front for the

production of employment

documentation.

Annual Support:Ideal for growing businesses• Reliable, on-going HR support to

ensure that you stay abreast of

current legislation and get the best

out of your employees.

• Fixed budgeted monthly fees for

providing HR advice and/or preparing

employment documentation when

required

• Remote support can be provided by

phone, email and/or through site

visits as agreed

Large Projects:Help for business critical projects• On-hand guidance and

implementation of more complex HR

projects aimed at improving business

capability.

• Fixed fee agreed up front for large

scale employment related projects

If you would like further

information or would like to arrange a

free consultation to discuss your

business requirements please give Jon

Morley a call on 01624 611044 within

office hours, or 07624 309150 at any

other time. Contact by email at

[email protected]

BBESPOKE HR

Right:Jon Morley

on explained: “Bespoke

Recruitment is an online

specialist agency that is a

Corporate Member of the

Recruitment & Employment

Confederation. All of our candidates

are interviewed, vetted and reference

checked by an experienced and

professionally qualified consultant -

and we only register and represent

the best in the market place.

“We specialise in Executive &

Senior Appointments (Board Level

appointments such as Managing

Director, Finance Director, Tax

Director, Trust Director and Client

Services Director) and also General

Permanent Recruitment (such as

Finance Controller, Senior Trust &

Company Administrators,

Accountants, Compliance Managers,

IT Engineers, Project Managers and

Business Analysts). Our Temporary &

Contracting workforce has grown

exoplanetary in 2014 and our pipeline

is already looking promising for 2015.

Being an online agency, we interview

candidates at a location of their

choosing - negating the risk of you

being seen walking in or out of a high

street agency.”

Cathy went on to explain that

many of the company’s clients

mentioned that they didn’t have

enough hours in the day, were getting

caught up in administration or were

spending too much time on payroll –

hence the launch of Bespoke Payroll.

“This has proved to be a genuine

success”, said Cathy, “and we have

had an amazing take up from clients

in different sectors from legal, to

fiduciary and insurance to IT firms.

“Time is the most important

commodity so, by offering a

confidential, effective and reliable

outsourced option, we have enabled

our clients to free up their time to

concentrate on what they do best. We

pride ourselves on the highest levels

of service and can be contacted at any

time to discuss clients’ requirements.

It doesn’t matter what profession you

work within, Bespoke Payroll

Solutions can help you.”

J

ISLE OF MAN

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orley Rentals Limited is a

property management

company that offers a wide

ranging portfolio of bespoke

properties on the Isle of Man.

Jon and Cathy recognised that

many of their clients had visiting

clients and colleagues who were only

staying short term, but who preferred

not to stay in a hotel. Morley Rentals

therefore offers short to medium term

lettings in beautifully furnished and

tastefully decorated properties which

offer secure parking, free Wi-fi, Smart

TVs and secure video access all in

great locations.

“Our portfolio includes one

bedroomed apartments on Douglas

Promenade, three bedroomed town

houses (which boast amazing views)

on South Quay, Douglas, a stunning

one bedroomed apartment in Quay

West, Douglas, (pictured - ideally

situated for Athol Street and

surrounding areas), and one

bedroomed apartment in Castletown

(just a two minute taxi ride to the

airport). We also offer an executive

three bedroomed property right next

to Groudle Glen in Onchan (ideally

located close to a well know gaming

firm!) and a four bedroomed farm

house located in St Johns, a great

catchment area for schools such as

King William’s College and St

Ninians.

“We can arrange collection from

the airport and welcome packs for

early and late arrivals. It’s like staying

in a home from home - without any

early check in or check out

requirements!

“We consider clients staying from

a couple of nights to a few months and

everything in between.”

Interested parties can call Jon or

Cathy on 611044 at any time.

M

BESPOKE PAYROLL

MORLEY RENTALS

Above:Quay West

he sessions were introduced

by Greg Jones, Director, Tax,

who then went on to cover the

key points of the UK Autumn

Statement.

This included changes to

Remittance Basis Charges and the

introduction of capital gains tax for

non-resident disposals of UK

residential property. He also

expanded on the ongoing efforts by

HMRC to tackle alleged offshore tax

evasion. Greg commented: “Many of

the tax changes that were discussed

today will be considered as onerous

and even, in cases, counterproductive

by many in the audience. Regardless,

Manx businesses will need to keep

up, particularly the many that rely on

the management of wealthy

individuals’ assets, which are coming

under increasing scrutiny.”

Greg then welcomed Harley

Richards, Manager, to the lectern, to

discuss changes in employment taxes.

The key point of his presentation was

an explanation of the Accelerated

Payments Notice (APN) regime

coming into effect in the New Year,

which may help HMRC clamp down

on perceived tax abuses related to the

use of contractors. He explained:

“These notices effectively allow

HMRC to raise a payment notice when

they believe they have suffered a tax

loss. The troubling part of this regime,

however, is that there is little to no

room for appealing such a bill, and

they anticipate they will be issuing

around 7,500 a month.”

Harley was followed by Paul

Cawley, Manager. He outlined the

way in which changes to VAT will

affect Isle of Man businesses: “The

VAT changes due on the first of

January are the last element of the

EU’s 2008 tax harmonisation package

to come into effect in the UK. Despite

that history, many Manx businesses

will be unprepared, because they

change the rules regarding place of

supply substantially. This will

particularly affect the Island’s

eGaming and telecoms suppliers.”

Robert Rotherham, Senior

Manager, was the next to contribute,

outlining international progress

towards implementation of the

OECD’s 15 point action plan on the

issue of Base Erosion and Profit

Shifting (BEPS). Robert commented:

“The BEPS report was released in

September, motivated largely by the

furore over the tax bills of giants such

as Google and Starbucks that

dominated media headlines for many

months. Isle of Man based sections of

large international groups could be

affected by the changes in this area,

so it is important we stay on top of

them.”

The final speaker of the day was

David Parsons, Director, who

provided an update on developments

in the automatic exchange of tax

information between jurisdictions.

Focussing primarily on OECD

Common Reporting Standard (CRS),

but also touching on FATCA, he noted

that: “Whilst most financial services

businesses on the Island are getting

fully to grips with FATCA, they now

need to prepare themselves for the

implementation of CRS, which will be

equally onerous. However, the

release on 15 December of the

updated Isle of Man FATCA Guidance

Notes does at least provide some

welcome clarification on a number of

points.”

KPMG runs bi-annual tax updates

to coincide with the UK’s budget and

autumn statement.

T

Business communityattends KPMG Tax Seminar

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Over 200 financial services experts packed out the SandersonSuite of the Claremont Hotel in December in order to be appraised

of substantial changes in the local and international taxenvironment. The Seminar, hosted by leading tax and advisory firmKPMG, covered a series of changes in property tax, VAT, and UK and

international developments.Right:

KPMG tax team:Rob Rotherham,

Greg Jones,Paul Cawley,

Harley Richards,David Parsons

ISLE OF MAN

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f the past few years have taught us

anything, it’s that failure to adapt

will result simply in failure. This

principle applies to the business and the

customer, so it makes sense that the

same goes for the communication

methods in between. So, here’s a quick

appraisal of what we can expect in the

world of graphic design over the next

few months.

Though we have yet to see the true

extent of its impact, Google’s new

‘material design’ concept (released in

June last year) is certainly going to be

one to watch for 2015. Aesthetically, its

principles are so subtle as to be largely

unnoticeable, and almost

indistinguishable from what we know by

now as ‘flat design’, but look a little closer

and you’ll see that what Google describes

as a ‘visual language’ really is that.

Don’t be put off by some of Google’s

quite confusing description of the

language as a ‘unifying theory of a

rationalized space and a system of

motion…grounded in tactile reality,

inspired by the study of paper and ink,

yet technologically advanced and open

to imagination and magic’. And try to

ignore its even loftier claims that: ‘The

use of familiar tactile attributes helps

users quickly understand affordances.

Yet the flexibility of the material creates

new affordances that supercede those in

the physical world, without breaking the

rules of physics’; that sort of nonsense is

for us to decipher. What it means in the

real world is that Google has developed

a graphic style based on the same

principles as paper and which, by using

little techniques like 3D shadowing,

layering and implying direction, should

convey the purpose of a button, device or

piece of text. We’ve seen hints of its use

already in the 5.0 Android iteration

‘Lollipop’, also released in June 2014, but

its full potential is still nowhere close to

being realised. It’s a huge undertaking,

brilliantly conceived, which is designed

to help the user navigate a site or device

intuitively i.e. without ever really having

to think about why that button looks like

it goes somewhere where another

doesn’t, and we can’t wait to see where

it goes this year.

SVGs, or scalable vector graphics,

definitely deserve a quick nod for 2015,

not so much as a trend but as a necessary

part of any properly functioning site. The

reason for this, as with most things

design this year and last, is scalability

across multiple devices. By way of quick

explanation, consider the many forms a

single logo is now required to assume

first in a mobile environment, then mini-

tablet, then on to tablet, then on to

desktop, and you can see why

malleability in all design elements is now

a prerequisite. So, with scalability

becoming the standard for multi-

platform offerings, SVGs and their

interactive, animatable, two-

dimensional, WC3 supported capabilities

make scalable elements a safe option for

any site and which can still be searched,

compressed and indexed as XML

attributes. If you haven’t already, SVGs

are certainly worth looking into for

responsive graphics and responsive

typography. They’re also a lighter

alternative, and with browser patience

lessening all the time, site performance

should be a central concern for everyone

this year.

We expect to hear a lot about

modular design in 2015 for one main

reason; the term appears to encompass

two separate concepts. The first, as you

might expect, refers to the modular

presentation of information, often to

accommodate scalability in devices with

divisible content. Probably the simplest

articulation of its use is in infographics:

rather than attempt to display a large

image in its whole, for example, modular

design splits it up into constituent

portions relative to display size and

provides an easy way to navigate the

whole. Take that concept and apply it to

websites and other design heavy

collateral and you can see that

modularity in design will be as

permanent as mobile and tablet.

In its alternative articulation,

modular design also describes a new

form of aesthetic which started to raise

its head in the latter half of 2014 with

geometric design. Beginning with

latticed or rhomboid superstructures of

the type which characterises 1920s and

30s art deco, as well as the Futurist

movement in Britain and western

Europe in the early 20th Century, the

style has quickly evolved to now also

encompass tessellate patterns, tiling and

mosaic work. Ranging from the

repeatable precision of a Tuscan garden

to the calculated rotational symmetry of

early Islamic architecture, this style is

clean, versatile and, if used properly, can

be very practical.

In keeping with this interbellum-

esque revival is the long anticipated

return of the monogram logo – the type

already used by brands such as Chanel,

Gucci, Louis Vitton and Volkswagen.

Usually consisting of cleverly

manipulated initials, they can take the

form of glyphs and linographs, or

simplified line drawings, as well as

geometric patterns, flat designs which

incorporate negative space or, in rare

incidents, simplified graphics.

Predominantly, they’re used as a form of

seal or as the primary element in any

logo set and add a remarkably elegant

alternative to the oft overused graphic

pun or arbitrary symbol. They also

impart a sense of subtlety and represent

a refinement of the slightly cartoony logo

forms that became prevalent in 2013/14.

Despite still being in their early stages,

monograms are taking off very quickly

with some excellent results for

established and fledgling brands. Keep

an eye out for more to come.

Finally, animations in their many

guises are set to make a concerted

return, at least to multi-media design,

now that internet speeds, device

capacities and developer tools are at a

standard. Ghost and transparent buttons,

complex loading symbols, parallax

scrolling, animated elements and full

bleed video backgrounds have been the

dream of most designers for quite some

time, but bandwidth, processing and

memory limitations have limited their

application in all but the most

sophisticated sites. This year, with

technologies ready and waiting, we

expect to see a lot more diversity in the

battle for our precious attention and, like

most design trends this year, without all

the redundant chaff to divide it.

I

The ultimate sophistication:design trends for 2015

This month, Ashgrove Marketing’s Creative Director Leigh Windelldiscusses the design trends to watch for 2015.

Scalable VectorGraphics, or SVGs:

a must have for 2015

Geometric

Mono

Modular Design

Google MaterialDesign

www.ashgrovemarketing.im

he Isle of Man does not levy

any wealth tax, inheritance tax

or gift taxes. This means that if

an individual can be confident he or she

will only ever own Isle of Man assets

and that all of their family members,

who are likely to receive gifts from or

make gifts to our individuals, will

always live on the Isle of Man, then

estate tax is straight forward. Gifts can

be made and the estate at death

transferred without incurring any

capital taxes.

Unfortunately, this virtuous state of

affairs rarely exists. Many wealthy Isle

of Man individuals hold assets in other

jurisdictions. Family members, despite

tax advice to the contrary, will often go

and live in high tax jurisdictions. How

are the fiscally concerned Isle of Man

residents to overcome these

difficulties?

Isle of Man resident individuals may

want to make gifts to family members

either during their lifetime or via their

estate at death, as legacies. In each

case they need to consider the tax

position of the potential recipients. In

the UK, the position is quite attractive

as the UK has a donor-based estate tax

system. The UK does not tax the

recipient of gifts, meaning a gift by an

Isle of Man donor (alive or deceased) to

a UK family member may well not

suffer estate taxation.

On the other hand, some countries

do levy taxes on the recipients of gifts

(“donees”). Care needs to be taken and

advice considered in the jurisdiction of

the recipients. Even though there will

be no taxation on a gift by an Isle of

Man resident to UK beneficiaries, the

bequest will transfer wealth back into

the UK tax net. For small amounts,

likely to be used in the short to medium

term on routine expenditure this is not

a problem. However, often significant

amounts are to be transferred, for

example on the distribution of the large

estate of a deceased Isle of Man person.

In this case, it might not be the most tax

optimal strategy to be transferring

significant wealth from a low tax area

to a relatively high tax area.

Donors could consider setting up a

trust in the Isle of Man for the benefit of

UK family members. In this way wealth

would have been put aside for family

members but those family members

would not actually own the assets until

they needed them and until

distributions were made; the wealth

would stay in the relatively benign tax

environment of the Isle of Man.

When considering all of the above,

we end up with a framework whereby

Isle of Man individuals would create

wills which are passed as legacies - the

funds to be used in the short to medium

term - directly to family members in the

UK. However, any significant sums, to

be invested for the future, might be

passed to trusts on the Isle of Man for

the benefit of those family members.

As well as the tax position of the

beneficiaries, we also have to consider

the assets that our Isle of Man resident

might hold. If we only held shares in

Isle of Man companies or cash in Isle of

Man bank accounts then there would

be no cross-jurisdictional problems.

However, opportunities for investment

in the Isle of Man are limited and it is

common for Isle of Man residents to

invest into UK property or shares and

sometimes there are assets in other

jurisdictions further afield. This raises

the possibility of an exposure to UK

inheritance tax. The UK will subject the

estates of non-UK domiciled individuals

to inheritance tax to the extent that they

hold UK assets. These charges may be

mitigated either by not holding UK

assets (invest in offshore funds or Isle

of Man bank accounts), or another

option is to form an Isle of Man

company which itself is funded with

share capital or loan funding from the

Isle of Man resident individual. The

company may then invest into UK

property or securities without further

exposure to inheritance tax.

Unfortunately, the UK is just about

to implement a capital gains tax charge

for non-residents who own UK-situs of

residential property. Such charges

must also be borne in mind, but that is

the subject of a future article.

T

Sundry Estate Planningin the Isle of Man

The Isle of Man has an extremely benign tax system. Manyindividuals and businesses benefit from relatively gentle levels of

tax imposed by the Isle of Man Government. Nevertheless, thatdoes not mean Isle of Man residents can forget about estate

taxation.

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By Phillip Dearden,Tax Director,

Equiom Solutions Limited


These topics will be addressed at the

Equiom Solutions Tax Seminar

‘Wealth Management for Isle of Man

Residents’ at the Palace Hotel on

Tuesday 20th January 2015. For

further information contact:

[email protected]

Are we there yet?

Three ThingsThe Isle of Man Government Must Do in 2015

As recommended by some of the Island’s leadingfigures within the Financial Services Industry.

1) Direct Democracy - the SwissModel: Reform the electoralsystem to Direct Democracy

The Swiss Confederation consists

of some 26 federal states (known as

‘cantons’) and over 2,500 autonomous

municipalities all of which utilise

direct democracy. In direct

democracy people get to decide.

Directly. The Swiss constitution

details areas subject to federal

legislation. Anything not explicitly

prescribed is left to the legislation of

the cantons. Switzerland holds

frequent referendums on minor

changes to the federal or cantonal

constitutions, new or changed laws.

The people can overturn laws made

by the parliament by collecting 50,000

signatures which equates to just 0.6%

of the population and forcing a

referendum. Last year Venice made

global history by becoming the first

region in the world to administer a

self-determination referendum on-

line.

2) Health Reform - the ChileanModel: Reform the health systemto cut the deficit and promoteconsumer choice

Health and social care costs are

the most significant of the Island’s

public expenditure accounting for

some 34% of the total. Furthermore,

growth in net spending is forecast to

accelerate in 2016/17 to 4.2%. This is

a major problem. Major problems

require major reform. The current

model of state-run monopolistic

universal free healthcare is

unsustainable and does not provide

satisfactory outcome for customers

(waiting times, choice of doctor etc).

It should be run by the private sector

and funded by health insurance

premiums. The role of the state

should be to guarantee access to the

health system by paying the

premiums of those that cannot afford

them.

3) Sovereign Wealth Fund - theSingaporean Model: Establish aManx sovereign wealth fund toprotect our economic future

In 1974 less than 10 years after its

independence, Singapore established

Temasek its sovereign wealth fund to

hold the assets previously held by the

Singapore government. In 1981, the

Sinagpore Government established

GIC to manage Singapore's foreign

reserves. Today Temasek and GIC,

together accounted for 60% of the

cross-border deals by the world’s

sovereign wealth funds and together

have helped transform strategic

domestic companies such as

Singapore Airlines, DBS Group,

SingTel, Sembcorp, Neptune Orient

Lines and Port of Singapore Authority

into global players.

Trade in for a new model...

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Juan Kelly, Managing Director, Conister Bank Limited

1) Balance the BudgetYes, we’ve all heard this one

before and we’re told that it will

finally be delivered within the next

financial year – but I’m just not sure

that many people out there really

believe this. There have been so

many smoke and mirror

announcements concerning

government’s finances generally, the

headcount (and more importantly

pay-roll cost) of the Civil Service and

other government staff/employees

generally (whether you call them

consultants or employ them on fixed

term contracts), that no-one I know

places much credibility in some of the

statements emanating from the

Treasury. Let’s have a plain, honest

budget that clearly lays out the

Island’s income and its expenditure

and explains when our reserves are

going to stop being used to plug the

gap. Then we can get on to the more

difficult areas of pension obligations

and the National Insurance fund.

2) Maintain our InternationalReputation

Wave after wave of international

and supra-national regulation and

information exchange demands

continue to be made of us – US

FATCA; UK FATCA; the Common

Reporting Standard (CRS), and so on

ad infinitum. So far the Island has

engaged fully and responded well.

We must continue to do so. These

demands are onerous and I’m sure

that they will ultimately be seen to be

incredibly lop-sided and unfair in

respect of the useful information they

generate compared to the cost

incurred in implementing the systems

required to generate the information.

Nevertheless, we are simply not in a

position to refuse to comply. The

pendulum will, eventually, begin to

swing in a more reasonable direction

and we need to be there to benefit

from this.

3) Make the right decisionsWith a general election now little

more than 18 months away our

elected representatives must continue

to take their ministerial and

departmental roles seriously. They

must continue to govern in the best

interests of the people of the Island

over the next year and a half, and not

in their own self-seeking interests in

what will get them re-elected. It’s a

long time until September 2016 and a

lot of tough decisions need to be made

in that period, so let’s hope our

politicians are able to discharge their

responsibilities appropriately.

Expert decision-makingChris Eaton, Chief Executive Officer, The ILS Group

My first wish for 2015 is that allMHK's keep their nerve and makethe right decisions for the rightreasons.

The Government should be

applauded for the way the economy

has been managed so far through

the financial crisis. I do, however,

believe the toughest decisions are

still to come. Recovery is still on a

knife edge and underestimating this

could be catastrophic for the Island.

Unfortunately we still have some

large legacy issues that need to be

addressed, there are still many who

have not yet woken up to the fact

that we cannot carry on in the

profligate manner of years gone by

and a few home truths are required.

It is the politicians’ role to inform

the public but also to give them the

confidence that they will make the

right decisions. This is where I have

my concern that some politicians

may look to appease their local

electorate to get themselves re-

elected and not necessarily make

decisions which are best for the

future long term viability of the

Island.

My second wish, linked to the first,is that politicians are correctlybriefed as to the real issuesaffecting the Island.

The business community has a

big role to play in this respect but

again it is important that the MHK's

and MLC's make sure they are

speaking to the right people. Just as

with politicians there may also be

individuals or organisations with

their own vested interests. On the

Island there are many trade and

professional bodies that work hard

to give a representative and un-

biased view of the important issues.

Most of the finance professional

and trade bodies meet with the DED

on a monthly basis and this format

ensures that the Treasury and DED

teams get a representative view

from each sector and are then able

to build a cohesive strategy agreed

with all sectors going forward.

Likewise the Chamber of

Commerce and organisations such

as the Institute of Directors provide

similar balanced viewpoints. The

danger is that these views and the

correct decisions which emanate

can be undermined or side tracked

by politicians listening and believing

individuals and businesses which

don’t put the Islands interests first.

To improve communication my

organisation, the Isle of Man

Bankers Association, will be hosting

a series of meetings with the

politicians during the year and I'm

sure other bodies will be doing the

same to ensure the MHK's get the

right messages.

My third wish is to promote theIsland's Unique Selling Point(USP)

It is clear that changes are

required on the Island and that also

applies to most businesses which

will not survive if they stand still and

rest on their laurels. The Finance

Industry will play its part and

continue to evolve but we should not

fear such change.

The Island has achieved success

because it has constantly evolved, it

remains at the sharp end of

innovation of products and services

not only in the finance sector but

also latterly in other key areas such

as e-Gaming and technology. To

enable this evolution to continue it

is important that an environment is

provided which makes it attractive

and viable for individuals and

companies to establish and grow

their businesses. This means that

we need a business friendly

regulatory and statutory regime and

the same ‘can do’ attitude from

Government which we have

thankfully experienced over the last

few decades.

It can be argued that this has

only been possible because of the

financial strength the Island has

enjoyed during these times and the

worry is that choices get more

difficult when budgetary and cost

constraints begin to bite.

I do not consider our USP to be

the collaborative approach we have

between Government and the

private sector nor is it our ability to

respond to adversity, to reinvent

ourselves and to evolve. I believe

our strength is the one constant

throughout it all which is the Island

itself. It is important that we make it

as attractive and appealing as

possible which not only makes it a

great place to visit but also one to

live and work. That is why it is

important that capital projects are

continued and we continue to

beautify the towns to make them as

attractive as our countryside.

Promotion, correct information -and nerves of steel

Mark Waterhouse, President Isle of Man Bankers Associationand President Institute of Financial Services, Isle of Man Centre

ISLE OF MAN

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I think 2015 is going to beextremely testing for business onthe Isle of Man as the IOM comesunder more international pressure,seeks to prepare for the Moneyvalvisit in 2016 and tries to deal withthe pressures in the local economy.

In all of this we need the IOM

Government to be especially robust

when dealing with external bodies

and protect our national interests

(something other competitor

jurisdictions are good at doing) and

keep a clear sight on its real priorities

and not be distracted by local political

posturing/electioneering. For me this

means ensuring we are still an

attractive place to do business,

persuading high net worth individuals

and entrepreneurs to relocate here,

supporting the financial services

sector which is still the principle

driver of the economy and above all

creating jobs in the private sector.

The three main things I would like

to see from Government are:

1) We have to keep a competitive

tax system - 0/10 is vital as are low

income tax rates and the tax cap - it is

the main driver to attract

entrepreneurs and their companies

and HNWIs to the IOM, and to keep

existing ones here. And we need to

put out a clear message to the outside

world that there is stability and

certainty in this area as whenever

there are doubts, businesses and

HNWIs choose to go elsewhere. We

must always remember there is huge

competition from other jurisdictions

and it’s not just from other offshore

centres – UK plc is doing everything

it can to systematically win our

business and the UK RND tax status

is still in many ways more attractive

than the IOM tax cap. The growth in

the IOM and the income generated

for Government comes from our

competitive tax system. If we lose

this, or threaten to change this (and

this includes National Insurance), the

impact will be less income generated

for Government. So, please, let’s have

no shocks in the Budget this year.

2) We need to get more sensible

about regulation and how we react to

external bodies. We need to end

knee-jerk regulation, we need stop

trying to future proof regulation and

we need to stop trying endlessly to

satisfy unelected international

bodies. When you look at everything

IOM firms are required to do,

whether under the AML regime or

the automatic exchange of

information regime through FATCA

and the CRS – we are already hugely

transparent and it is difficult to see

why anyone with illegitimate

intentions would consider coming

here. However, what we do is not

replicated in other jurisdictions

especially the UK and the US who are

both maintaining a “do as I say not do

as I do” position in this area. There

will never be a level playing field and

we would be foolish to assume there

will be.

3) We need Government to be

more joined up. We have the

Department of Home Affairs (AML

Code), Treasury (FATCA and CRS)

and the FSC (Regulation) all with

their own brief, not seeing the

significance of how things fit together

and issuing consultations separately

from each other. The newly formed

Cabinet Office is also now issuing its

own consultations. Against this

background, businesses are trying to

work with the Department of

Economic Development to grow the

economy but more time is being spent

responding to often ill-considered

consultations and their unforeseen

negative consequences - and,

damagingly, all being done in the

public arena. This is particularly

unfortunate in a small jurisdiction

which prides itself on the easy

accessibility to Government.

To conclude, we already spend a

lot of time talking to the various

organs of Government and would

welcome the opportunity for more

engagement, especially at a much

earlier stage of any particular issue.

However, business can only go so far

in trying to shape the environment.

What we really need to see is some

statesman-like behaviour from

Government to secure the IOM’s long

term future and soon, as 2015 is

shaping up to be a pivotal year.

Low tax, more sensible regulationand a more joined up government

Mark Denton, Chairman of the Association of Corporate ServiceProviders which represents approximately 150 member firms employing

locally c2,000 people

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The first thing that I would like tosee for the benefit of our economy isa 10 year plan to reduce and reformthe public sector with the intentionof removing as much uncertainty aspossible.

As we have a very large public

sector to private sector ratio any threat

of redundancy in the public sector

slows the propensity to spend and

affects our housing market and retail

and leisure sectors too.

Almost everyone I speak to agrees

that we cannot continue to support the

public sector in its current form and

scale. Decentralising services to the

many commissioners is directly

opposed to my preference of reducing

costs by dismantling our

uncoordinated central and local

government model and moving to a

central unified authority.

If we were to set out plan of

transformation to get to a lower cost

central model in 10 years time, we

would have a more coordinated capital

spending programme and most

importantly, could plan the reduction

in jobs around the annual average

natural wastage and planned

retirements. We could give those

people under threat years to retrain

and find other work and would

remove the fear of sudden job loss that

paralyses private spending. Reducing

those wondering about the safety of

their employment from so many

people would have a very positive

effect on the economy. Confidence is

shown to be a key driver in spending

and borrowing and economic growth.

The defined benefits or final salaryscheme enjoyed by our public sectorworkers simply isn’t sustainable;people are living longer and thefunds needed to provide a largeenough return to pay outcommitments in a low interest rateenvironment are very large indeed.

The large private employers have

realised this and taken steps to either

close these to new entrants, to do that

and allow existing members to

continue accumulating the number of

years service without their final salary

increasing beyond a set annual

percentage or freeze the schemes

altogether. We need to follow their

lead, however unpalatable it seems

now. The alternative might well mean

the cupboard is bare when the

members come to draw their

pensions. It is better for everyone that

there is a certainty the scheme is

sustainable.

The fear that health workers,teachers and police will not transferfrom the UK is less of an issue ifwork permit rules are changed toallow the best people from aroundthe world to come here and thatleads to a solution for my next point.

Allan Bell caused a little

consternation referring to our

changing demographics as “the old

age time bomb” but we can’t ignore

the fact that a small population simply

can’t fail to act to prevent this

imbalance.

We need to attract more young

workers and try and keep our own

youngsters from moving away for

work. The Australian immigration

points system looks to me to be the

cleverest way of doing this and should

be introduced here as soon as possible,

in my view. Yes, it can be described as

discriminatory but, rather than

making it difficult for non-Europeans

to come here, we should be looking to

attract the rest of the world to come

and start life here if they are going to

provide the earnings and tax paying

solution to the “old age time bomb”.

We have plenty of space here for

population growth with the right skills.

I hope the ICT project gets off the

ground and is a great success. If we

can offer the best education and the

promise of future employment in this

and other areas then we’d have plenty

of reasons to persuade our children to

stay and pay for all the next generation

in retirement as well as a way of

attracting the right sort of

immigration.

I am sure that many of the world’s

young entrepreneurs would love the

opportunity to get a visa to live and

work in an English speaking country

with our standard of living and low

crime that is so close to the UK &

Europe and an attractive tax system

that allows their business to flourish.

Action on age demographic, publicsector reform and pensions

Trevor N Kirk, Director, Villicus Ltd

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The global environment remainsuncertain and this leads tochallenges for the economy fromboth a local and internationalperspective. The government needsto look at its priorities with this backdrop in mind. I see the three mainpriorities as being the following:1) Regulation

For any global financial services

centre the regulatory regime and how

it is applied is a key element of focus

for the government and also anyone

thinking of establishing a business

there. The government has recently

proposed significant changes with

regards to the regulatory environment

in the Isle of Man by merging the IPA

and the FSC, and the recruitment of a

new FSC chief executive as the

present incumbent is due to retire. It

is essential that this process is

properly managed with the resultant

structure being one that serves the

island from both a risk based and

commercially based perspective. The

National Strategy Group will need to

set the overall risk appetite for the

economy and then have the regulators

implement this, ensuring that the

promotional arms of government via

DED and the regulatory branch are

aligned.

2) Budget rebalancingWe are nearing the end of the

initial economic plan to rebalance the

budget by 2016 and we still appear to

have some way to go and hard

decisions to make. There have been

increases in the revenue side through

revised charging structures and also

some cost decreases, however from an

outsider’s viewpoint there would

appear to be some hard decisions still

to make with regards to restructuring

the cost base of government in a

downwards direction. The small

changes to charging that have been

implemented will not close the entire

gap.

3) Public sector pensionsIn terms of hard decisions, this is

probably the area to look at. We have

a pension scheme that appears to be

running at a significant deficit and all

forecasts suggest it is unaffordable in

the medium term. Drastic action

needs to be taken to restructure the

current schemes and this will require

some very unpopular decisions to be

made by the government, but without

changes there will be very uncertain

economic times ahead for the island.

The above is only a small selection

of areas to be considered and none

have easy quick–fixes. All, however,

do need to be addressed in the short

term to try and help ensure the best

possible future for our island.

Regulation, budgeting, pensionsRussell Kelly, Director, KPMG

The UK economy is moving aheadand in normal circumstances wouldbe dragging the IOM along with it,but a special set of circumstancesare taking their toll on the islandeconomy. FATCA and the UKequivalent, Point of ConsumptionTax for eGaming customers living inthe UK, an over regulated bankingsector and a drift in funds to theMiddle East and Far East are causingthe island economy to adjust.

There was a time when you did not

have to live here to enjoy the major

tax benefits the island offered. These

days, to take full advantage, you do

have to be here. The problem is that

when times were good we did not

invest enough in the leisure

infrastructure and that needs to be

addressed now. People with money

are very fussy about where and how

they spend it! Lifestyle is so important.

They have become used to good

restaurants, multiplex cinemas, hotels

and good shops that offer everything,

and in this respect we are lacking. The

people we need to attract simply do

not find the Isle of Man attractive

enough to live here. Not only that, the

island is expensive. Restaurants are

priced higher than London and the

shops are charging too much because

they can. Take a night out at a good

restaurant for a married couple. Start

with the taxi £50, babysitter £40 and

the meal £100 = £190. No wonder

there are so few good restaurants.

There is a total lack of competition

because of hidden cartels and a policy

to maintain the status quo.

Castletown, where I live, has

refused a Tesco Express three times.

This makes no sense at all. We need

an Aldi or a Lidl to bring some

competition to the market. They

would lower the cost to live and the

main beneficiary would be

government because of the number of

people they employ who require a cost

of living pay increase every year, not

to mention pensions! People on island

are now finding life difficult; just listen

to the people who phone into Manx

Radio!

The Government has a really

tough job. They have to balance the

books and that does mean charges

going up. But they need to balance

that by allowing the market to be

more competitive. A farmer tells me

that it is cheaper to send cattle to the

UK, have them slaughtered and

returned to the Isle of Man rather than

use the local abattoir. How can this be

right? But it is you, the consumer, who

is paying for such inefficiency which,

under current economic

circumstance, is not sustainable.

Start with leisure infrastructureWarwick Bartlett, CEO, GBGC

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I am confident that the Isle of Manremains well placed to deal with thechallenges that lie ahead in 2015. Ofcourse, the biggest challenge for usis what the UK will do in the secondhalf of 2015 in its latest unilateral“recalibration” of the VAT sharingagreement.

The impact of the loss of VAT

revenue over the last few years has

been significant, but my view is that

Chief Minister Allan Bell and Treasury

Minister Eddie Teare have done an

excellent job in very difficult

circumstances.

In his Budget 2014, Eddie Teare set

out that the government’s mantra was

(a) balance the budget, (b) grow the

economy and (c) protect the

vulnerable. I expect the government’s

position in 2015 to be the same.

From our perspective in DQ, we

want to see the following from the

government in 2015:

Increase the government budget formarketing and businessdevelopment, and develop a clearpublic/private sector strategy forraising the Island’s profile globally

I appreciate that there is no magic

pot of gold, but government has to

increase spending on appropriate and

strategically important business

development initiatives and must

continue to support private sector

initiatives. The private sector cannot

leave government to drive this forward;

we need to take the lead on this and

work with government to ensure that

we identify both existing and new

sectors and markets where we can

focus our business development

ambitions.

Equally, government needs to work

more closely with industry specialists

within the private sector to identify and

then promote these opportunities.

Sometimes this will involve

government funding (in part usually)

private sector business development

initiatives. We have to work together in

the private sector and realise that there

is a benefit for all of us in promoting

Isle of Man plc first. In DQ, our team

recognises the absolute importance of

the private sector picking up the slack

here. We travel extensively (Europe,

Asia, US) and always have the

promotion of Isle of Man plc as the

priority on such trips. Raising the

profile and awareness of the Island

internationally has to be a priority for

2015.

Remain engaged with theinternational community in relationto global initiatives to gain furtherrecognition of the Island’s status asa leading transparent and compliantjurisdiction and, where at allpossible, assert some influence

The Island has been at the forefront

of international tax co-operation for

almost two decades. We have long

realised (unlike many of our competitor

jurisdictions) that constructive

engagement with the international

community and supranational bodies is

the correct approach and ultimately

pays dividends. We have a track record

of being “at the table” with the big boys

(e.g. the Island was part of the drafting

committee in OECD on the Model TIEA

and exerted some influence over that

process). We need to work hard at

ensuring that we remain “at the table”

as much as possible in 2015 and exert

whatever influence we can on the

initiatives being considered by the UK,

EU, OECD and others that will impact

the global finance and offshore

industries generally.

Our government presence in

Brussels is important and I fully support

the Chief Minister in his efforts (e.g. his

trip in November 2014) to engage with

the EU and to raise our profile there.

This direct engagement is important

because, constitutionally, we have to

route our formal contact with the EU

via the UK (which is unlikely to share

our agenda). Government needs to

continue banging the drum and

delivering the message to the

international community that we are a

leading transparent and compliant

jurisdiction which serves an important

role in supporting onshore economies.

For example, the Island is a major

contributor of capital flow in to the

London stock market and the UK

economy generally.

Do not over rely on eGamingFrom the moment Allan Bell took

over as Treasury Minister (back in the

good times when parking on the Prom

and school buses were free - I won’t

mention the toilet tax!), his mantra was

“the economy is strong, we are seeing

exceptional growth but we must not be

complacent”. This pragmatic and

sensible approach to running the

economy ensured that we continued to

look for new sources of business and to

diversify. A product of that

diversification is the very successful e-

gaming industry.

This large employer and significant

contributor to the economy is regularly

paraded as a Manx success story

around the world. It is an industry,

however, which is facing significant

challenges on a global scale in 2015.

The impact on our economy of a

downsizing of this sector would be

significant. Government (working with

private sector) needs to ensure that we

have a strategy in place for growth and

diversification in other areas. We are

seeing this already in crypto, but the

size of the e-gaming industry is such

that we must have a Plan B and work

on that now. As our Chief Minister has

always said, “let’s not be complacent”.

Generally, despite the challenges

facing the global economy and the

Island, I am confident that we will

continue to see growth in several

sectors and that government and the

private sector will work together to

achieve this.

All we need now is for the Chief

Minister to commit to serving another

term!

More marketing, less reliance oneGaming, remain globally engaged

Tom Maher, Managing Partner, Dougherty Quinn Advocates

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ISLE OF MAN

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Since the launch of Vision2020 inJune 2013, the Island’s businesscommunity and the governmenthave had a plethora of significantissues to address, ranging fromglobal initiatives on taxationcommitments such as FATCA to theever present issue of providingrobust air and sea links for residentsand visitors to the Island.

All this against an overall

backdrop of pressure on job creation,

merger and acquisition activity in the

financial services sector and the need

to effectively manage the scope and

cost of government.

Whilst many of these issues are not

unique to the Isle of Man, they do

underline the need to ensure

initiatives such as Vision2020 continue

to be reviewed, invested in and driven,

regardless of any potential change in

personnel in future elections.

Positioning the Island intomorrow’s world

Change is happening fast. How the

IOM pre-empts foreseeable change

and navigates unforeseen change will

no doubt shape the rate of success

both at home and on the international

stage for years to come.

Government has taken the

initiative in the call for global

transparency on tax and information

and, having acted quickly, has

received plaudits and

acknowledgement from a number of

global bodies.

In the fiduciary market a key focus

will be the ability to demonstrate the

real substance and/or residency of a

business and the entities to which we

provide our services. The 0/10 tax

policy has served us well, but we

should maintain a particular focus on

options for a future restructured tax

base.

It is essential that government

retains the ability to consider and act

quickly on such legislative and

commercial initiatives.

Economic growthStrategy and planning are perhaps

the biggest challenges for the Island,

and it is essential that both private

sector and the government via the

Department of Economic

Development deliver a consistent

message to the market and continue

to commit to developing clear

business strategies that support

Vision2020.

The investments made by the

department during 2014 were highly

positive and in this regard it is

important that government continues

to fund and allow it to continue to

invest in the recruitment of industry

experienced professionals and deliver

the various marketing initiatives.

Transport links and infrastructuredevelopment

If we are to be successful in

creating economic growth and, in

particular, attracting new

international businesses to the Island,

we have to be able to demonstrate

good transport links with London in

particular. Whilst this is recognised as

a difficult political issue, the

uncertainty posed by the continually

changing airlines, routes and

timetables at times undermines efforts

to market the Island as an

International Finance Centre. The

government must continue to work to

bring some stability to what is a vitally

important issue.

In addition, improving the

infrastructure is key to attracting new

residents and business. The Douglas

Development Plan is a laudable vision

that requires ‘first mover’ investment

by the government to demonstrate

commitment and attract further

external investment.

Positioning, transportand infrastructure

David Karran, Managing Director, IQE

Travel

ISLE OF MAN

JE T’ADOREFamously beautiful, endlesslyglamorous, impossibly romantic. Whowouldn’t fall in love with Paris?Take a Citywing flight to Glasgow and,from there, a short break to Paris tostart your own Parisian love story.

A PERFECT CITY BREAKGlasgow has been reborn as a centre ofstyle and vitality set against a backdropof outstanding Victorian architecture.And now this amazing city is just a shorthop thanks to Citywing, who launchedscheduled flights rom the Isle of Man toGlasgow last year.

In association with

N e w s | G o v e r n m e n t | F e a t u r e s | Tr a v e l | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

ISLE OF MAN

PORTFOLIO ISSUE 151

Je t’adore!

here’s more to Paris than the

big tourist sights, but with

tourist sights like these, there’s

no harm being an unashamed tourist

for the day. Join the queues for the

Eiffel Tower and be rewarded by one

of Europe’s most iconic views. From

here, you can plot your journey

around Paris’s must-sees: the River

Seine, the Champs-Élysées, Notre

Dame, the Louvre, the Sacré Coeur,

Versailles. Alongside these essential

sights, consider a trip underground;

some six million skeletons are packed

inside Paris’s creepy catacombs!

The essentialsBegin with a coffee on the

Champs-Elysées, then take a gentle

stroll down to the Eiffel Tower along

the avenue Marceau, passing the

famous flame of the Pont de l’Alma.

From the top of the Tower, you’ll

be treated to an unrestricted view over

Paris. Then, hop onto one of the river

boats moored just below and glide

down the Seine as far as Notre-Dame.

The Louvre is just half an hour away

and awaits you for a made-to-measure

tour around the major works of art. As

you leave, the day will be drawing to a

close over the Pont des Arts footbridge,

the Pont Neuf and the Institut de

France.

Cross over the river and make your

way to Odéon metro station which will

lead you straight to the Butte

Montmartre where you can enjoy an

exceptional panoramic view of the city

and its monuments, which light up at

nightfall.

Historic ParisHere’s a way to travel back in time

along the streets of Paris, all in the

space of one day: Begin your journey

in Roman times by visiting the Arènes

de Lutèce. Weather permitting, don’t

hesitate to move on to the Middle Ages

with the Musée de Cluny, and walk

along the Rue Mouffetard, the Rue de

la Montagne Sainte-Geneviève and the

Rue des Ecoles, that runs alongside

the Sorbonne, the oldest university in

Europe. Have some lunch in the Latin

Quarter then cross the river to the

Sainte-Chapelle, a splendid example

of gothic architecture.

Past the tip of the Ile de la Cité and

the quaysides, you’ll come to the

Louvre, former residence of kings,

whose perfectly balanced forms will

take you into the Classical period.

Close by, the avenue de l’Opéra

unfurls one of the characteristic

perspectives designed by Haussmann.

From there, by taking the Météor

metro line (14), you’ll find yourself in

the new district around the

Bibliothèque de France - the heart of

contemporary Paris leaving you ready

to dine by the Seine River, not far

away.

Romantic ParisPlace des Abbesses, at the foot of

the Butte (hill) Montmartre is the

starting point for this day: just the spot

for a typically Parisian breakfast

before heading for the Sacré-Cœur to

admire the panorama.

Then, take your time as you make

your way down the Rue des Martyrs,

packed with interesting boutiques, as

far as the Saint-Georges district where

you’ll find the Musée de la Vie

Romantique (what else?). The visit

over, take the metro or bus down to

the Jardin du Luxembourg where you

can declare your undying love

T

Famously beautiful, endlesslyglamorous, impossibly romantic. Who

wouldn’t fall in love with Paris?Take a Citywing flight to Glasgow and,from there, a short break to Paris tostart your own Parisian love story.

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Je t’adore!

ISLE OF MAN

PORTFOLIOISSUE 151

beneath the greenery of the splendid

Médicis fountain.

Next, a visit to the Marais, one of

the oldest parts of the city, is just the

thing: private mansion houses, the

Picasso museum, the latest boutiques,

hidden spots such as the Carreau du

Temple and the peace and quiet of the

Place des Vosges are all here.

Should you fall under the spell of

this neighbourhood, you may choose

to dine here unless you prefer the

epitome of romantic Paris: dinner by

candlelight on the Seine River.

Bohemian ParisThis particular Paris may not

really exist any more but many places

have retained a powerful memory of

the artists that made their reputation

here. Begin with a coffee in

Montparnasse and a trip to the Musée

Bourdelle, a small museum that

conjures up the atmosphere of Paris

and its artists. The brasseries and

legendary cafes of boulevard

Montparnasse will then lead you as far

as the gardens of the Observatoire.

On your way back down through

Luxembourg and Saint-Sulpice, you’ll

reach Saint-Germain-des-Prés, a

Parisian centre of intellectual and

artistic activity.

Bohemian Paris continues in

Montmartre, setting off from the

metro station Odéon. Here you’ll find

souvenirs of the workshops of Picasso

and Utrillo, the birth of cubism, as

well as cabarets, popular songs and

painters.

Paris shoppingHead for the Madeleine with its

chic boutiques, the typical hustle and

bustle of the Grands Boulevards and

the magic of the Parisian department

stores for an unforgettable shopping

experience.

All the big stores have cafes and

restaurants, most usually offering a

great view over the city.

Window-shopping is on the menu

later in the afternoon-along the

avenue des Champs-Elysées, avenue

Montaigne or Faubourg Saint-Honoré.

Minutes later, metro line 1 will have

whisked you into the Marais district to

explore the myriad fashion and design

boutiques and to linger over dinner in

this appealing area.

Visit citywing.com to begin your

Parisian adventure. It’s the only direct

route from the Isle of Man to Glasgow

where your trip to the romantic

capital of Europe awaits.

PARIS:HOW TO GET THERE

VIA GLASGOW

Scheduled services to Paris are operated by British Airways (via LondonHeathrow), Flybe (via Birmingham International), EasyJet (non-stop) andAer Lingus (via Dublin).Visit www.glasgowairport.com for timetables.

Additional services are operated by Tour Operators, details of whichcan be obtained by your local Travel Agent.

DEP ARR M T W T F S S

0750 0850 • • • •

1515 1615 •

1620 1720 • • •

1700 1800 •

DEP ARR M T W T F S S

0915 1015 • • • •

1645 1740 •

1745 1845 • • •

1830 1930 •

ISLE OF MAN - GLASGOW GLASGOW - ISLE OF MAN

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N e w s | G o v e r n m e n t | F e a t u r e s | Tr a v e l | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

ISLE OF MAN

PORTFOLIO ISSUE 149

A perfect city breaklasgow is Scotland's largest

city and is renowned for its

culture, style and the

friendliness of its people.

Glasgow offers a blend of

internationally-acclaimed museums

and galleries, stunning architecture,

vibrant nightlife, fantastic shopping and

a diverse array of restaurants and bars.

Vibrant and energetic, Glasgow

enjoys a year-round buzz with an arts

scene that regularly produces

productions and high profile exhibitions

that led to the city being crowned

European City of Culture in 1990.

Glasgow was also the UK’s City of

Architecture and Design in 1999 and its

architecture is an attraction in itself.

The city centre has countless

impressive Victorian structures and

then there are the unique masterpieces

of one of the city's most celebrated sons,

the legendary architect and designer

Charles Rennie Mackintosh.

The city has a long-standing

reputation for its live music scene and

is very well off too in terms of city parks.

One of the first cities to be named a

European Capital of Culture, Glasgow

boasts a rich artistic heritage and

history which can be experienced at its

many excellent art galleries, museums

and visitor centres.

Explore the collections of

Kelvingrove Art Gallery and Museum

and see Christ of St John of the Cross by

Salvador Dalí alongside other

acclaimed paintings. Other fabulous

artworks and rare artefacts can be

found at the Burrell Collection, the

Gallery of Modern Art (GOMA) and the

Hunterian Museum and Art Gallery.

The Riverside Museum on the

banks of the River Clyde charts the

history of transport with its superb

collection of antique vehicles while the

Glasgow Science Centre brings the

world of science and technology vividly

to life with hands-on exhibits.

No visit to Scotland’s second largest

city would be complete without a visit

to the impressive Glasgow Cathedral,

one of the few medieval churches to

emerge unscathed from the

Reformation.

Discover independent stores and

charming boutiques alongside big

name brands. Glasgow’s Style Mile is

made up of the pedestrianised

Sauchiehall Street, Buchanan Street

and Argyle Street which offer the

perfect variety of shops.

Explore each individual shopping

centre for a different treat - Buchanan

Galleries has over 90 stores, Princes

Square has five floors of elegant and

upmarket shopping and the St Enoch

Centre is full of top fashion stores, as

well as famous toy emporium Hamleys.

For style and stunning architecture,

head into the Merchant City and the

Italian Centre, full of designer stores

such as Emporio Armani, while the

wider area is home to Ralph Lauren,

Mulberry, Cruise and many

independent gems, cafés and

restaurants.

G

Glasgow has been reborn as a centre of style and vitality set against a backdrop ofoutstanding Victorian architecture. And now this amazing city is just a short hop thanksto Citywing, who launched scheduled flights rom the Isle of Man to Glasgow last year.

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Statue of the Duke ofWellington, Glasgow

Gallery of Modern Art

Appointments

ISLE OF MAN

In association with

www.hamblin.co.imT 01624 640420

Capital Treasury Services

ManSat

Equiom

Gough Law

Cains

Ramsey Crookall

Junior Achievement Isle of Man

Moore Stephens


In association with

ISLE OF MAN

PORTFOLIO ISSUE 151

apital Treasury Services

Limited (CTS) has promoted

Treasury Manager Craig

Dalton to the position of Senior

Treasury Manager.

Craig has worked in the Finance

industry since 1999, primarily in the

Banking Sector. He began his career

with HSBC before moving to RBSI

where he worked for 10 years and

rose to the position of Corporate

Manager in the Financial Institutions

Relationship Management Team.

In 2010, Craig joined the Capital

Treasury Services team and has been

instrumental in the growth and

expansion of the treasury business,

working closely with the company’s

diverse portfolio of both local and

international clients offering

products, solutions and services for

their cash management, foreign

exchange, treasury and payment

requirements.

In addition to his practical

experience, Craig also holds a

number of professional qualifications

including the ACI Dealing Certificate.

This industry-recognised

qualification provides a working

knowledge of the structure and

operation of the major foreign

exchange and money markets. This

includes the application of the

fundamental mathematics used in

these markets, and their core

products. Craig is a member of the

Association of Corporate Treasurers

(ACT) passing the Certificate of

International Cash Management

qualification in 2014, which forms

part of the overall syllabus of the

AMCT Diploma in Treasury. Craig is

also a full member of the Institute of

Leadership and Management having

achieved their Level 3 Certificate in

2014 and is currently working on the

Level 5 Certificate in Leadership &

Management.

John Cookson, Managing Director

of Capital Treasury Services, a

member of the Capital International

Group, commented on Craig’s

promotion: “Craig has been an

invaluable asset and has made a

tremendous impact in establishing a

strong, service orientated team of

treasury professionals with wide

ranging expertise and will assist me

in leading us into our next phase of

growth and development. CTS is well

renowned for its high level of client

service as well as its strong reputation

as an employer and I am very pleased

to welcome Craig to the position of

Senior Treasury Manager.

Reflecting on his promotion, Craig

commented: “I feel extremely proud

to be part of such a fantastic company

which promotes an environment of

solid ethical standards and one that is

committed to investment in its staff. I

am obviously delighted to have been

awarded this promotion in

recognition of my work with CTS,

proof of the company’s culture that

hard work and commitment to self-

development do not go unrewarded.

We have a great team here at CTS and

we have all had our parts to play in

making the company, and the Group,

a leading financial services provider

here on the Isle of Man.”

Capital Treasury Services

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Right:Craig Dalton C

anSat Limited have

announced the addition of

three new members to its

Advisory Board: Gregg Daffner of

Hong Kong, Michael Potter of Texas

and Mark Rigolle of Luxembourg.

Each new member of ManSat’s

Board of Advisors is an experienced

satellite and telecommunications

industry leader in their own right and

all bring added value to ManSat, its

clients, and its core offering - working

on behalf of the Isle of Man

Communications Commission in

satellite filing at the International

Telecommunications Union (ITU) in

Geneva.

Mr. Daffner said: “ManSat has

brought Free Enterprise to this

unique sector in Space and

implemented it. I’ve seen it come as a

concept taken through to reality, now

serving some of the industry’s leading

companies. I’m honoured to join the

team.”

Mr. Potter said: “ManSat is driving

some of the most innovative and

impactful commercial strategies that

I have seen in the satellite industry in

the past decade.”

Mr. Rigolle said: “I have been

tracking ManSat’s performance for

many years now and have always been

impressed by the value add they have

been able to create for the satellite

industry. I look forward to helping to

shape the next years of this exciting

company.”

Christopher Stott, Chairman and

CEO of ManSat said: “We are delighted

Mr. Daffner, Mr. Potter, and Mr. Rigolle

have joined us. Their addition to our

Board of Advisors adds superb new

talent to our existing team, which is

crucial in taking ManSat forward.”

ManSat

M

eading international trust and

corporate service provider,

Equiom, has announced the

appointment of Dawn Ashall as

Manager - Fiduciary Services.

Dawn, a qualified accountant and

Trust and Estate Practitioner, brings

with her over 18 years of experience

in the Trust and Corporate Service

industry.

Prior to joining Equiom she was

Trust Manager for an established

accountancy firm, where she

managed a large number of complex

structures for a range of high net

worth international clients and sat on

the board for a number of client

companies. Throughout her career,

she has managed various teams of

administrators and accountants.

Dawn has gained invaluable

experience in administration for

multi-jurisdictional entities, including

investments and residential and

commercial property structures. She

will work closely with Equiom’s legal

and tax experts to ensure structures

adapt where necessary to take into

account regulatory developments.

Reflecting on her appointment,

Dawn commented: “I am pleased to

have joined Equiom at such an

exciting time for the business as it

continues to expand its jurisdictional

reach and service offering. Equiom is

renowned for being a strong market

leader and it consistently delivers

exceptionally high levels of service

which is something that I am

particularly passionate about”.

Group Client Services Director,

Aidan Davin, added: “Dawn is a

skilled trust manager with a great

deal of experience in dealing with

complex structures for international

clients. Her expertise is a welcome

enhancement to our client services

team and will help to ensure that

Equiom continues to work to the

highest standards of service at all

times”.

LEquiom

pecialist Isle of Man litigation

practice, Gough Law, has

announced the appointment of

Chiva Arthurs to the position of

Associate Advocate within the firm’s

litigation team.

A graduate of the University of

Manchester’s Manchester Business

School with a BA first class in

Management, Ms Arthurs gained a

Graduate Diploma in Law from the

Manchester Metropolitan University’s

Law School in 2006, and completed the

Bar Vocational Course with BPP in 2007,

before being called to the Manx Bar in

2010. Whilst studying in Manchester,

Ms Arthurs founded in 2002, and

presided over, the Manchester Model

United Nations Society which, by

September 2008, enjoyed over 340

members.

Ms Arthurs began her legal career

as a trainee advocate with M&P Legal in

2008 where, under supervision, she

gained significant experience managing

her own caseload of general litigation

and employment work, as well as

heavily assisting in the conduct of a

successful appeal to the High Court. In

2010, Ms Arthurs was appointed as an

advocate with Laurence Keenan

Advocates and Solicitors where she was

responsible for a heavy caseload which

primarily focused on civil and

commercial dispute resolution and

litigation, many of which activities

include high value tort and contract

claims as well as breach of fiduciary

duty, trust and undue influence claims.

Ms Arthurs joins Gough Law

following a term with 188BET heading

the legal and compliance team. There,

she dealt with legal matters for the

group including advising on regulatory,

advertisement, anti-money laundering,

bribery and fraud measures, of which

latter subjects Ms Arthurs acted as head

of training. During her time with

188BET, Ms Arthurs also obtained an

International Diploma in Anti-Money

Laundering and has gained specialist

knowledge in this area. As Associate

Advocate, Ms Arthurs will join senior

members of Gough Law’s litigation

team, including Director Charles

Coleman and founder Alan Gough,

ultimately taking cases on her own

account.

Commenting on her appointment,

Ms Arthurs said: “Gough Law has

garnered a reputation as the Island’s

best regarded litigation practice, with an

extensive and high profile case history

and wealth of industry commendations.

Its team members are considered

leaders in their respective fields and I

can think of no better practice at which

to further my own skills and experience.

I am very much looking forward to my

role as Associate Advocate, and would

like to thank the firm for the

opportunity.”

Also commenting on her

appointment, Founding Director Alan

Gough said: “During both her training

and professional career, Chiva has

proven herself a highly skilled and

enthusiastic practitioner who would be

an asset to any firm. We look forward to

welcoming Chiva to the team and to

supporting her throughout her

development in our litigation practice.”

SGough Law

ISLE OF MAN

PORTFOLIOISSUE 151

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Announce yournew appointment!Email text and pic [email protected] for next issue, 05 February!

Left:Dawn Ashall

Left:Chiva Arthurs


In association with

ISLE OF MAN

PORTFOLIO ISSUE 151

aw and professional services

group Cains continues to

expand and strengthen its

Accounting Services team to meet

increased demand from new and

existing clients.

Gaynor Lees, who has joined the

team which is headed by divisional

director Andy Davies, will be

responsible for the accounting services

for a portfolio of property clients.

A keen golfer with a handicap of

12 and also an experienced skier,

Gaynor trained with Coopers &

Lybrand and for seven years was with

PricewaterhouseCoopers (PwC) as a

manager in accounting and other

services. Her appointment comes only

weeks after Haseeb Qureshi joined

the Isle of Man-based Cains team

from KPMG (Isle of Man).

“It is an exciting time to have

joined Cains with its increasingly high

profile and an Accounting Services

team that offers a wide range of

services and as a result is benefiting

from a significant growth spiral, ” said

Gaynor.

Mr Davies said: “I am delighted

that Gaynor has joined Cains and

brought her considerable experience

to the Accounting Services team

which now embodies a wealth of wide

ranging expertise.”

Cains

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Right:Gaynor Lees L

Ramsey Crookall

xperienced and respected

stockbroker Richard Wild has

joined Ramsey Crookall as a

Consultant.

Since moving to the Isle of Man in

1970 Richard has developed a wealth

of experience, including becoming a

member of the London Stock

exchange in 1987 and a Chartered

Fellow of Chartered Institute for

Securities & Investment in 2011.

He now brings that expertise to

Ramsey Crookall , where he will work

closely with the award-winning

family firm’s team at the headquarters

in Athol Street, Douglas, advising on

share dealing, market analysis and

investment management.

Richard said: “I am delighted to

have joined Ramsey Crookall, which

has attracted a well-deserved

reputation as an industry-leader in

the Island. The firm boasts a proud

history, having been established

almost 70 years ago, and has

embraced innovation to manage

change and ensure its clients

continue to enjoy the very highest

levels of service.

“I’m looking forward to working

with the team at Ramsey Crookall,

and pleased to be once again a

colleague of Dursley Stott.”

Richard worked with Dursley, who

is also a Consultant at Ramsey

Crookall, at R L Stott & Co. in the

1970s and they have worked together

on several occasions since.

Dursley said: “I have known

Richard for some 40 years and have

the greatest respect for his expertise

and knowledge. He will be an asset to

Ramsey Crookall and further enhance

the quality of service the firm offers to

its clients.”

EAbove:Richard Wild

ISLE OF MAN

PORTFOLIOISSUE 151

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tephanie Stock has joined

Junior Achievement Isle of

Man as programme manager.

Working alongside her fellow

programme manager Joy Spence,

Stephanie will be coordinating

volunteers and helping deliver a range

of Junior Achievement programmes in

schools, designed to develop young

people’s skills for the workplace,

financial literacy and

entrepreneurship.

Stephanie is no stranger to the

Junior Achievement team. She

previously worked with chief executive

Sue Cook and Joy Spence at Hamblin

recruitment agency and has also

worked in the finance sector and at

The Children’s Centre.

She said: ‘I was attracted to joining

Junior Achievement because I saw it as

an opportunity to apply all the skills

I’ve acquired to help equip young

people for “the real world” after full-

time education.

‘The specialist work Junior

Achievement is doing in schools has

never been more important. The

programmes have the power to reach

every young person and give them all

the same opportunities to achieve.

“At the recent Employability event

it was interesting to see how those

students who had experienced Junior

Achievement’s interview workshops,

for example, were more comfortable

engaging with employers and knew

how to ask all the right questions with

confidence. It’s initiatives such as those

workshops and the Get a Job

Programme that really help a young

person stand out in a crowd, and that’s

crucial in today’s increasingly

competitive jobs market.”

Originally from Liverpool

Stephanie has lived in the Isle of Man

for 25 years. She is a former Brownie

guider and, away from the office and

the classroom, has a keen interest in

Manx heritage and works at Manx

National Heritage’s Rushen Abbey site.

Chief executive Sue Cook said:

“Stephanie brings a wealth of practical,

administrative and communication

skills to the demanding role of

programme manager – a role that

requires flexibility and adaptability to

connect with school-age people one

moment, business people the next.

“As Junior Achievement looks to

reach more than 5000 students in 2015

and beyond, Stephanie will be a great

asset to the team; it’s a delight to be

working with her again.”

S Left:Stephanie Stock

Announce yournew appointment!Email text and pic [email protected] for next issue, 05 February!

Left:Ayuk Ntuiabane,Andrew Dixon,Dawn Webb,Clive Dixon

he partners of Moore Stephens

have announced that Andrew

Dixon, who leads the

chartered accountancy firm’s

assurance department, has been

admitted to the partnership of Moore

Stephens Isle of Man.

“Andrew is an inspiration to us all;

I’m thrilled that my partners have

demonstrated their confidence in

Andrew through this appointment,”

said Dawn Webb, assurance partner in

Moore Stephens. “Since joining the

firm, he has proven himself a leader

and developed a personal brand as a

trusted professional within the local

business community. I am very proud

of him and his team.”

Andrew’s diverse audit experience

includes funds, banks, pensions,

regulated CSPs and TSPs, local and

international manufacturing, shipping,

agricultural, distribution and Stock

Exchange listed clients.

He and his team are currently

responsible for over 120 audits a year,

a portfolio that has grown

continuously under his leadership.

Since joining the firm Andrew has

identified and developed new service

lines, including superyacht audits, and

also assumed responsibility for

company valuations and liquidations.

As mentor to qualified staff and

counsellor to the firm’s Institute of

Chartered Accountants in England and

Wales trainees, he also helps staff

advance their career development.

Andrew has also been integral to

the firm’s Microsoft Dynamics CRM

customer relationship management

implementation project and its ISO

9001 accreditation team.

Andrew was educated in the Island

at King William’s College and

graduated from Lancaster University

in 2007 with a first class honours

degree in Accounting and Finance.

After training at a Big Four firm, he

joined Moore Stephens in 2010.

“I am very honoured to have been

invited to become a partner in Moore

Stephens,” said Andrew. “But more

than anything, I am privileged and

grateful to head up the fantastic team

who have made it possible.”

TMoore Stephens

Junior Achievement Isle of Man


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PORTFOLIO ISSUE 151

Contact Hamblin on 0044 1624 640420or email [email protected]

or visit www.hamblin.co.im

Looking for a new love in your life?Job

rust and corporate

services provider,

Equiom, has app-ointed

Ken Chapman as its London

Director.

Ken has previously held the

positions of Head of Wealth

Planning and Intermediaries for a

large international private bank,

and Head of Wealth Structuring at

one of the world’s leading

financial management and

advisory firms.

Being a Board Director based

in London, Ken will have the

seniority to build on his and

Equiom’s excellent contacts. This

will help ensure that London

intermediaries and their clients

receive an even better service

from Equiom. He will also be

leading Equiom’s development of

new onshore services for the London

market and will be working closely

with Equiom’s equity partners LDC to

improve Equiom’s offering.

Ken has an extensive background

in financial services with a particular

focus on wealth and asset

management for high net worth

individuals. He is a regular speaker at

professional private client

conferences and has worked

with a global client base, helping

them to structure and coordinate

their complex financial affairs.

His particular expertise lies in

working with international

families based in the UK and

helping to structure their

financial affairs.

Reflecting on his

appointment, Ken commented:

“London is arguably now the

world's major financial centre for

wealthy international families

and also in many cases where

they choose to centre their lives.

I am particularly looking forward

to helping Equiom increase its

share of this exciting market.”

Sheila Dean, Equiom Group

Managing Director, commented:

“Ken has a dynamic approach to

business and a successful track

record. His experience will be an

invaluable addition to Equiom and I

look forward to welcoming him to the

team”.

EquiomRight:

Ken Chapman T

X

Graduates

Engineers

Bookkeepers

IT Support

Accountants

Temp

Office

Finance

Sales

Directory

ISLE OF MAN

Isle of Man Airport Flight Schedules

Isle of Man Airport Contact Information

Isle of Man Business Directory:AccountantsAdvocatesBanks - LicenceholdersInvestment CompaniesLife Assurance Companies

Information - The Isle of ManKey locations, statisticsIts ConstitutionTax Allowances, Financial Incentives

In association with

Alder Dodsworth & Co.,22 Athol Street,Douglas.Tel. +44 1624 622865

Ambitions Ltd,26 Finch Road,Douglas.Tel. +44 1624 614841

Baker Tilly Isle of Man, P.O. Box 952a Lord StreetDouglasTel. +44 1624 [email protected]

BDO (Isle of Man) LLC,Analyst House, 20-26 Peel Rd., Douglas.Tel. +44 1624 [email protected]

Boothmans, Millennium House,Victoria Road, Douglas.Tel. +44 1624 [email protected]

Nicola Bowker & Co.,Commissioners Offices,New Road,Laxey.Tel. +44 1624 861271

Browne Craine & Co, Burleigh Manor, Peel Road, Douglas.Tel. +44 1624 [email protected]

Corlett & Co,Ellan Vannin Cottage,Baldrine.Tel. +44 1624 861060

Callin & Co, 6-7 Fort William,Head Road, Douglas.Tel. +44 1624 [email protected]

Callow Matthewman & Co,Atholl House,29/31, Hope Street, Douglas.Tel. +44 1624 622752Ramsey Office Tel 814494

John Clarke & Co,Ragnall House,Peel Road,Douglas.Tel. +44 1624 [email protected]

R H Corkill & Co. Ltd,10 Auckland Terrace,Ramsey.Tel. +44 1624 816921

Ernst & Young,Rose House,51-59 Circular Road, Douglas.Tel. +44 1624 691800www.ey.com/im

Douglas & Co, 11 Circular Road,Douglas.Tel. +44 1624 628571

Edwards & Hartley, Peregrine House, Peel Road, Douglas.Tel. +44 1624 [email protected]

Evolution Accounting Ltd.,West Suite, Ragnall House,18 Peel Road,Douglas.Tel: +44 1624 [email protected]

J. C. Fargher,Ballafreer House,Union Mills.Tel. +44 1624 851190

Finnie & Co, 6, Goldie Terrace, Douglas.Tel. +44 1624 [email protected]

Crowe Morgan,8, St George’s Street,Douglas.Tel. +44 1624 [email protected]

Fowler & Co.,First Floor, Norton House,41 Arbory Street,Castletown.Tel. +44 1624 827848

Fryers Bell & Co, 27, Athol Street, Douglas.Tel. +44 1624 [email protected]

Galloway Smith & Co, 9, Hope Street, Douglas.Tel. +44 1624 [email protected]

KPMG, Heritage Court,41, Athol Street, Douglas.Tel. +44 1624 [email protected]

Greystone LLC,18 Athol Street,Douglas.Tel +44 1624 [email protected]

Haven Administration Ltd,28 Victoria Street,Douglas.Tel. +44 1624 625793

Harding Lewis Ltd,34 Athol Street,Douglas.Tel +44 1624 679524

A. M Gerrard,34 Athol Street,Douglas.Tel +44 7624 490720

K G Hegarty & Co.,Peregrine House, Peel Road, Douglas.Tel. +44 1624 622118

HF Accounts,Fairview,Cronk Road,Port St Mary.Tel. +44 1624 835735

ICM Accounting,Prospect Chambers,Prospect Hill,Douglas.Tel +44 1624 682400

In Safe Hands Business Services75 Bucks RoadDouglas,IM1 3EFTel. +44 [email protected]

J B Quirk BSc FCCA,Milbourn House13 St. George's StreetDouglas.Tel. +44 1624 616660

Jessup & Co, 44 Athol Street,Douglas.Tel. +44 1624 625666

R. P. Harker, Maskani Yetu, Garey Close, Fox-daleTel. +44 1624 675450

Jones & Co, Penthouse Suite,Analyst House,Peel Road,Douglas.Tel. +44 1624 617344

L. G. Kelly,Parkfield,Glencrutchery Road,Douglas.Tel. +44 1624 611019

Peter D. Lace,18 Hope Street,Douglas.Tel. +44 1624 661640

M. G. Accountancy & Taxation,PO Box 372,Douglas.Tel. +44 1624 [email protected]

David J. Hill & Co, Museum Buildings,Church Road,Port Erin.Tel. +44 1624 833776

Matthew Edwards & Co, Clinch’sHouse, Lord Street, DouglasTel. +44 1624 [email protected]

Noble & Co, Abacus House, Mona Street, Douglas.Tel. +44 1624 [email protected]

Julie Oates,2 Camlork Place,Union Mills.Tel. +44 1624 852552

Paul & Co, 5 Market Place,Peel.Tel. +44 1624 844188

PricewaterhouseCoopers LLC,Sixty Circular Road,Douglas.Tel. +44 1624 689689

PurpleAccounts,Salisbury House,Victoria Street,Douglas.Tel: +44 1624 [email protected]

Sabre Management Services Ltd,2nd FloorAnglo International HouseLord StreetDouglas.Tel. +44 1624 629409

Shimmin Wilson & Co, 13-15 Hope Street, Douglas.Tel. +44 1624 627744

SMP Accounting & Tax LimitedClinch’s HouseLord StreetDouglasTel: +44 (0) 1624 [email protected]

T Leach & Co,Bradda House,Bradda Road,Port Erin. Tel. +44 1624 832891

TABS,Rechabite Hall,Allan Street,Douglas.Tel. +44 1624 674913

Thompsons,1st Floor,Royal Trust House,60-62 Athol Street,Douglas.Tel. +44 1624 611108

E Thorn,47 Buttermere Drive,Onchan.Tel. +44 1624 613782

Michael Turner & Co, 17 Hope Street, Douglas.Tel. +44 1624 [email protected]

Crossleys, P. O. Box 1, Portland House, Station Road, Ballasalla.Tel. +44 1624 822816

Crowe Clark Whitehill,6th Floor,Victory House, Prospect Hill, Douglas.Tel. +44 1624 [email protected]

David Gelling & Associates,44 Main Road,Onchan.Tel. +44 1624 615500

Deloitte LLP, The Old Courthouse,Athol Street,Douglas.Tel. +44 1624 672332

Chris Hollingworth,20 Finch Road,Douglas.Tel +44 7624 433346

WFZ Services Ltd,2 Ballanawin,The Strang,Union Mills.Tel. +44 1624 852198

David Wilcock B.Com, FCA, Pine View,Glen Vine Road,Glen Vine.Tel. +44 1624 [email protected]

T. P. Winnell & Co,, 7, Hill Street, Douglas.Tel. +44 1624 [email protected]

R G Wright,71 Circular Road,Douglas.Tel. +44 1624 674894

PO Box 25, 26-28 Athol St,Douglas, Isle of ManIM99 1BD+44 (0) 1624 [email protected]

Grant Thornton,Exchange House,54/62 Athol Street,Douglas . Tel: 44+ 1624 [email protected]

Celtic Associates Ltd,Chartered Accountants,One, The Parade,Castletown.Tel: +44 1624 822022Email: [email protected]

ACCOUNTANTS

ISLE OF MAN BUSINESS DIRECTORY

J. H. Maddrell ACA, 1, Meadowfield, Port Erin.Tel. +44 1624 [email protected]

Martin Associates Ltd,Meadowcroft,Ballabrooie Road,Peel.Tel. +44 1624 845343

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PORTFOLIO ISSUE 151

REFERENCENEWSN e w s | G o v e r n m e n t | F e a t u r e s | C a r s | D i r e c t o r y | A p p o i n t m e n t s | L i f e s t y l e

In association with

Advocates Smith TaubitzUnsworth Limited,Barrule Chambers,36 Finch Road, Douglas.Tel +44 1624 [email protected]

Appleby,33-37 Athol Street, Douglas.Tel. +44 1624 [email protected]

Marie Ashworth,2nd Floor,Harbour Mews,Parliament Square,Castletown.Tel. +44 1624 822880

BridsonHalsall,20 Athol Street,Douglas.Tel. +44 1624 614422www.iomlaw.com

Cains, Fort Anne, Douglas.Tel. +44 1624 [email protected]

Cains Gordon Bell, Auckland Chambers,Auckland Terrace,Ramsey.Tel. +44 1624 811311

Callin Wild, Bank Chambers, 15-19, Athol St,Douglas.Tel. +44 1624 [email protected]

Carter’s, Court View Chambers,12 Mount Havelock, Douglas.Tel. +44 1624 662809

Carter Jones McDonald, Athol Chambers, 21, Athol Street, Douglas.Tel. +44 1624 629627

Conti, 17, Circular Road, Douglas.Tel. +44 1624 670003www.contiadvocates.com

Corbridges, Chancery House,22 Finch Road, Douglas.Tel. +44 1624 690060

Nigel M Cordwell,2nd Floor Suite,6 Hill Street,Douglas,Tel. +44 1624 677277

Corlett Bolton & Co., 4, Finch Road,Douglas.Tel. +44 1624 [email protected]

Dickinson Cruickshank Ramsey,Masonic Buildings,Water Street, Ramsey.Tel. +44 1624 812107

Dougherty Quinn,The Chambers,5 Mount Pleasant,Douglas.Tel. +44 1624 [email protected]

Gelling Johnson Farrant, 24, Athol Street, Douglas.Tel. +44 1624 675367

Hannan Law5 Hill StreetDouglasTel: +44 1624 [email protected]

Jones & Co,Finch Chambers,28 Finch Road,Douglas.Tel. +44 1624 629200

Laurence Keenan, Victoria Chambers,47, Victoria Street, Douglas.Tel. +44 1624 [email protected]

Kerruish Law & Trust, 5th Floor,Anglo International House, Bank Hill,Douglas.Tel. +44 1624 623919

Long & Humphrey,The Old Courthouse,Athol Street,Douglas.Tel: + 44 (0)1624 651951

Kelly, Luft, Stanley & Ashton,2 Sydney Mount, Douglas.Tel. +44 1624 674316

Ian Kermode,Court View Chambers,14 Albert Street,Douglas.Tel. +44 1624 [email protected]

M&P Legal, New Court Chambers,23-25 Bucks Road, Douglas.Tel. +44 1624 [email protected]

MannBenham Advocates Ltd, 49 Victoria Street,Douglas.Tel. +44 1624 [email protected]

Old Court Chambers,Eight Finch Road,Douglas.Tel: +44 1624 [email protected]

Pringle Law,Victoria Court,16 Athol Street,Douglas.Tel. +44 1624 612200

Quinnlegal,30 Ridgeway Street,Douglas.Tel. +44 1624 [email protected]

Simcocks, Ridgeway House,Ridgeway Street,Douglas.Tel. +44 1624 [email protected]

Judy Thornley,Beach House,Bay View Road,Port St Mary.Tel. +44 1624 833708

Turnbull Advocate,1st Floor,Exchange House,54-58 Athol Street,Douglas.Tel. +44 1624 614516

Laurence Vaughan-Williams,Museum Buildings,Church Road,Port Erin.Tel. +44 1624 [email protected]

Lawrence J Weatherill,20 Athol Street,Douglas.Tel. +44 1624 674994

John Wright,16 Willowbrook Gardens,Douglas.Tel. +44 1624 611999

Bank of Scotland PLC,PO Box 19, Evergreen House,43 Circular Road, Douglas.Tel. +44 1624 [email protected]

Barclays Bank PLC, Eagle Court, Circular Rd, Douglas.Tel. +44 1624 [email protected]

Barclays Private Bank & Trust(Isle of Man) Limited, 4th Floor, Queen Victoria HouseVictoria StreetDouglas.Tel. +44 1624 682828

Barclays Private ClientsInternational Ltd, PO Box 9, Barclays House, Vic-toria Street, DouglasTel. +44 1624 684444

Britannia International Ltd,Britannia House, Athol Street, Douglas.Tel. +44 1624 [email protected]

Conister Bank Ltd, Clarendon House, Victoria Street,Douglas.Tel. +44 1624 694694

Duncan Lawrie (IOM) Ltd, 14/15 Mount Havelock, Douglas.Tel. +44 1624 [email protected]

HSBC Bank PLC,HSBC House, Ridgeway Street,Douglas.Tel. +44 1624 684840

Habib European Bank Ltd, 14 Athol Street, Douglas.Tel. +44 1624 622554

Coutts & Co (Manx) Ltd,PO Box 59,Royal Bank House,2 Victoria Street,Douglas.Tel. +44 1624 632222

Kleinwort Benson Bank (IOM) Ltd,St George’s Court,Upper Church Street, DouglasTel. +44 1624 [email protected]

Lloyds Bank International Ltd., PO Box 111,Peverial Buildings,Douglas.Tel. +44 1624 638200

Nationwide International Ltd, Samuel Harris House,St George’s Street,Douglas.Tel. +44 1624 696000

Isle of Man Bank Ltd, 2, Athol Street, Douglas.Tel. +44 1624 637000

Permanent Bank International Ltd.,Hillary House,Prospect Hill, Douglas,Tel. +44 1624 [email protected]

Nedbank Private Wealth Ltd,St Mary’s Court,20 Hill Street,Douglas.Tel. +44 1624 645000

Cayman National Bank & TrustCompany,4-8 Hope Street, Douglas.Tel. +44 1624 [email protected]

Merrill Lynch Bank & Trust Co.(Cayman) Ltd, Circular Rd, Douglas.Tel. +44 1624 688600

Santander UK PLCPO Box 12319/21 Prospect Hill, DouglasTel 01624 [email protected]

The Royal Bank of ScotlandInternational Ltd, Royal Bank House,2 Victoria Street, Douglas.Tel. +44 1624 646464

Standard Bank (IOM) Ltd, Standard Bank House,One Circular Road, Douglas.Tel. +44 1624 [email protected]

The Royal Bank of ScotlandPLC.,Royal Bank House,2 Victoria Street,Douglas.Tel. +44 1624 646464

The Standard Bank of South Africa,Standard Bank House,One Circular Road, Douglas.Tel. +44 1624 [email protected]

Zurich Bank International Ltd, PO Box 422,43-51 Athol Street,Douglas.Tel. +44 1624 671666

ADVOCATES

BANKS - LICENCEHOLDERS

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PORTFOLIOISSUE 151

REFERENCE


Abacus Trust Company Ltd,Sixty Circular Road, Douglas.Tel. +44 1624 689600

AXA WF Distibutors (IOM) Ltd,Royalty House,Walpole Ave, Douglas.Tel. +44 1624 643333

BlackRock (Isle of Man) Ltd3rd Floor, Atlantic House,Circular Road,Douglas.Tel. +44 1624 662255

Canaccord Genuity Wealth(International) Limited,Anglo International House,Bank Hill, Douglas.Tel. +44 1624 690100

Caledonian Fund Services(Europe) Ltd,PO Box 172, 4th FloorOne Circular Road, Douglaswww.caledonian.comTel: +44 1624 640150.

CMI Fund Managers (IOM) Ltd,Clerical Medical House, Douglas.Tel. +44 1624 638888

Fedelta Trust Limited,29-31 Athol Street,Douglas.Tel. +44 1624 [email protected]

Isle of Man Assurance Ltd.,IOMA House,Hope Street,Douglas.Tel. +44 1624 [email protected]

Fund Management Services Ltd,P.O. Box 156, 18-20 North Quay, Douglas.Tel. +44 1624 [email protected]

Kleinwort Benson Bank (IOM) Ltd,St George’s Court,Upper Church Street, DouglasTel. +44 1624 [email protected]

Lasenby Knox Ltd,Knox House16-18 Finch Road,Douglas.Tel +44 1624 [email protected]

Laxey Partners Ltd,4th Floor,Derby House,64 Athol Street,Douglas.Tel +44 1624 690900

Lorne House Trust Limited,Lorne House, Castletown.Tel. +44 1624 823579

Royal Bank of Scotland TrustCompany (IOM) Ltd,PO Box 151,Royal Bank House,Victoria Street, Douglas.Tel. +44 1624 646464

Maitland Investment Services(IoM) Limited,Falcon Cliff,Palace Road,Douglas.Tel. +44 1624 630000

Neville James Fund Managers Ltd,Park House,Isle of Man Business Park,Douglas.Tel. +44 1624 670500

Nedgroup Investments (IOM) Ltd.,1st Floor, Samuel Harris House,5-11 St George’s Street,Douglas.Tel. +44 1624 645150nedgroupinvestments.com

Ramsey Crookall & Co, Securities House,38-42 Athol Street, Douglas.Tel. +44 1624 [email protected]

RBSI Fund Administration Ltd.,PO Box 151,Royal Bank House,Victoria Street,Douglas.Tel. +44 1624 646464

Lloyds TSB IndependentFinancial Advisers Ltd, P. O. Box 12, Peveril Buildings, Peveril Square,Douglas.Tel. +44 1624 641741

Creechurch Capital Limited,Knox House,16-18 Finch Road,Douglas.Tel: +44 (0) [email protected]

GAM Administration Ltd, 11 Athol Street, Douglas.Tel. +44 1624 [email protected]

Fortis Fund Services Ltd,P.O. Box 156, 18-20 North Quay, Douglas.Tel. +44 1624 [email protected]

Sabre Management Services Ltd,2nd FloorAnglo International HouseLord StreetDouglas.Tel. +44 1624 629409

Hansard International Ltd, Harbour Court,Lord Street,Douglas.Tel. +44 (0) 1624 688000

HPB Assurance Limited,Anglo International HouseBank Hill,Douglas.Tel +44 1638 [email protected]

IntegraLife International Limited,1st Floor,6 Goldie Terrace,Upper Church Street,Douglas.Tel +44 1624 654600

RL360 Insurance CompanyLimitedRL360 House, Isle of ManBusiness Park, DouglasTel. +44 1624 [email protected]

Zurich International Life Ltd,43-51 Athol Street, Douglas,Tel. +44 1624 662266

Isle of Man Assurance Group, IOMA House,Hope Street, Douglas.Tel +44 1624 681200

LCL International Life AssuranceCompany Limited,St George’s Court,Upper Church Street,Douglas.Tel +44 1624 683683

Nordea Life & Pensions Ltd,Island House,Isle of Man Business Park,Douglas.Tel. +44 1624 694444

Old Mutual International Isle ofMan Limited,PO Box 159,King Edward Bay House, King Edward Road, Onchan.Tel. +44 (0) 1624 655555

AXA IOM Ltd,Royalty House,Walpole Ave, Douglas.Tel +44 1624 643333

Canada Life International Ltd.,Canada Life House,Alexandra Road,Castletown.Tel. +44 1624 [email protected]

Friends Provident International Ltd,Royal Court,Castletown.Tel +44 1624 821212

Global Life Assurance Limited,St George’s Court,Upper Church Street,Douglas.Tel. +44 1624 618611

SMP Fund Services LimitedClinch’s HouseLord StreetDouglasTel: +44 (0) 1624 [email protected]

Thomas Miller Investment(Isle of Man) Limited,Level 2, Samuel Harris House, 5-11 St Georges Street, Douglas.Tel +44 1624 645200tminvestment.com

WH Ireland (IOM) LimitedAthol House,21a-23 Athol Street,Douglas.Tel: +44 1624 [email protected]

CLI Institutional Limited Ltd.,Canada Life House,Alexandra Road,Castletown.Tel. +44 1624 [email protected]

CMI Insurance Company Ltd,Clerical Medical House, Victoria Road,Douglas.Tel. +44 1624 638888

Capital International Ltd,Capital House,Circular Road, Douglas.Tel. +44 1624 [email protected]

Whilst every effort has been made to ensure that this directory is as comprehensive as possible,the Publishers cannot take responsibility for any errors or omissions contained herein.

INVESTMENT COMPANIES

LIFE ASSURANCE COMPANIES



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A Global PartnerThe Isle of Man is a leadinginternational business centrerenowned for its innovation,professionalism and long standingpolicy of positive engagement withinternational initiatives andstandards. The Isle of Man operatesa policy of low taxes with astandard rate on individuals of 10%,a higher rate of 20% and generouspersonal allowances. There is a capof £120,000 on the amount ofincome tax payable by an individualeach year. The Isle of Man strives tobe a model of political stability andfinancial supervision and has longbeen committed to internationalstandards of tax transparency.There is no capital gains tax, wealthtax, stamp duty, death duty orinheritance tax.

Taxation allowanceSingle Person: £9,300Married Couple: £18,600Additional Personal Allowance: £6,400

Dept of EconomicDevelopment

The Department of EconomicDevelopment’s financial assistancescheme offers support to qualifyingbusinesses (up to):40% equipment grants40% building grants either for newbuild or for rents payable;40% revenue grants

Capital Douglas

Population 80,058

Land Area 572 sq km - 227 sq ml

Population density 133 people/sq km(336/sq mile)

Location Irish Sea, 50km (31 miles)from Ireland, 50km from UK

Longest River Sulby, 17km - 10.5 miles

Highest Peak Snaefell, 621 metres,2036 feet

Head of State Her Majesty the Queen,Lord of Mann

LieutenantGovernor

His ExcellencyMr Adam Wood

Chief Minister Hon Allan Bell MHK

Presidentof Tynwald Hon Clare Christian MLC

Speaker ofHouse of Keys Hon Steve Rodan SHK

www.gov.im

THE ISLE OF MAN . . .

INFORMATION

Ramsey

Douglas

CastletownPort Erin

Peel

ISLE OF MAN

PORTFOLIOISSUE 151

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2012 Volkswagen Polo 1.4 SE5-doorSilver Metallic, Fitted with Alloy Wheels, Air Conditioning, CDPlayer, Remote Cental Locking, Covered 23,000 Miles

£8,695 • £49 per week

2012 (Late) Vauxhall Meriva 1.7 CDTi ExclusiveAutoSilver Grey Metallic with Anthracite Cloth, Climate Air Con, CDPlayer, Alloy Wheels, Multi-Function Wheels, Plus Much More,Only 12,000 Miles As New £7,995 • £45 per week

2012 (Late) Toyota Auris 1.3 TR5-doorElectric Blue Metallic with Anthracite Cloth, Climate Air Con, CDPlayer, Alloy Wheels, Remote Central Locking, Only 24,000 MilesImmaculate Condition £7,695 • £43 per week

2012 Nissan Micra 1.2 Acenta5-doorRed metallic, Air Conditioning, Remote Locking, ElectricWindows, CD Player, Only 12,000 Miles, Absolutely Like New

£5,695 • £32 per week

2011 (Late) Nissan Qashqai 1.5 DCiAcentaBlack Metallic with Anthracite Cloth, Climate Air Con, AlloyWheels Painted Grey, Bluetooth, CD Player, Remote CentralLocking, Immaculate Condition £9,995 • £57 per week

2011 Nissan Note 1.6 N-TecAutoCappuccino Metallic with Anthracite Cloth Upholstery, Fittedwith Climate Air Con, Sat Nav, Bluetooth, Privacy Glass, AlloyWheels Painted Grey, Drivers Information System, 12,000 Miles AsNew £7,895 • £44 per week

2010 Toyota Yaris 1.0 T2 VVTi3-doorSilver Metallic with Anthracite Cloth, Fitted with All Usual Extras,25,000 Miles £5,295 • £30 per week

2009 Ford Fiesta ST 2.0HatchImperial Blue Metallic with Half Leather Recaro Upholstery,Fitted with Air Conditioning, CD Player, 17” Alloy Wheels, TractionControl, Only 35,000 Miles From New £6,295 • £36 per week

2009 Vauxhall Corsa 1.2 Life3-doorChampagne Gold Metallic, Fitted with Air Conditioning, ElectricWindows, CD, 33,000 Miles from New £4,695 • £27 per week

2008 Ford Focus Convertible CC-22.0 ManualPepper Red Metallic with Sports Upholstery, Electric SteelFoldable Roof (Power Operated), Air Conditioning, Alloy Wheels,CD, only 29,000 Miles from New £5,995 • £35 per week

2008 Citroen C1 1.0 Vibe3-doorRed with Anthracite Cloth, Fitted with All Usual Extras includingRadio/CD Player, PAS, Remote Locking, Fantastic Economy, LowRoad Tax, Just 27,000 Miles £3,995 • £23 per week

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Lifestyle

ISLE OF MAN

In association with

A Week in the Life:Cameron Houston, Professional PoloPlayer, Coach and Director at TriskelionPolo Club based at Grenaby Estates

Return of The Lonesome Traveler:Jarrod Dickinson returns for two gigs

Q&A:Justin Martin,Managing Director,Payment Goblin Limited

Gig Guide:Your gig agenda for Belfast, Liverpool,Manchester and London

My name is Cameron Houston, I am aProfessional Polo Player, Coach and Director

at Triskelion Polo Club based at GrenabyEstates.

Polo is a mix of pulsating adrenaline andemotion that I have never experienced in anyother situation in my life and I honestly find ithard to imagine myself in any lifestyle withoutpolo. I just don’t think that any other hobby Iattempted could ever measure up to whatpolo gives me and I am lucky enough to be

able to combine that with my career.

I first started playing though my local ponyclub at the age of 6 and haven't looked

back. I began working at Ranksboro' PoloClub in 2009 where I progressed from a

groom to a coach by the club supporting meto get my HPA Club Instructor Qualificationand giving me some much needed match

exposure. Having finished my degree Imoved to Leadenham Polo Club in

Lincolnshire where I took on the role ofPolo Manager in charge of running the clubin all aspects. As a club we did really well

and, in the 2013 summer season, theLeadenham Polo Club Team won 38 of 42

matches finishing with a good war chest oftrophies.

My brother and now business partner,Frazer, introduced me to the idea of bringing

polo to the Isle of Man, I spent the 2013-14winter on the Island conducting lessons to

establish the market for polo and it was notonly met with great enthusiasm but I also

started to build a Polo Club with somegreat individuals helping me move forward.

Finally, Frazer introduced me to JoannaCrookall of Grenaby Estates EquestrianCentre and we made a plan to buy someponies and establish Triskelion Polo Club

and to conduct matches, teach lessons andhave some fun.

A Week in the Life

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ISLE OF MAN

PORTFOLIO ISSUE 151


Photo by Elaine Dewhirst

Photo by John Rowley

Monday

Monday is a relatively simple day for

me. Starting at an easy 8:00am after a

bowl of Weetabix (the most important

meal of the day) and off to start with the

horses. Muck out, water and hay for

Agustin and Chueca who are living in at

the moment and then off to start

exercising the rest. Polo ponies are

unique in many ways but the thing that

makes me love working with them the

most is that they aren't fazed by

anything. If you think along the logic

that horses are flight animals that are

very responsive to anything around

them that might signal an approaching

predator, polo ponies seem to lack this

reflex. If they're desensitised to a polo

mallet and a polo ball whizzing within

a few inches of their faces then they

really won’t be worried by anything the

world can throw at them. I exercise the

ponies three at a time riding one and

leading the other two on either side. A

quick sandwich lunch gives me the

chance to catch up on emails, calls and

texts about lessons and practice

matches later in the week and then

back to the yard.

I try to school at least one pony each

day, it sharpens them up a bit and make

them more responsive for the next

person who rides them. At 6:00pm I

have the weekly session with the Isle of

Man Pony Club. Having started through

the pony club myself, this is something

I feel really passionate about. There is

an excellent Pony Club on the Island

catering for kids aged from 4 to 17 and

there is some real talent among them.

These are great sessions and so much

fun, I see this as the real grass roots for

polo and I love teaching them. Grenaby

is filled with trucks and trailers bringing

the ponies for their lessons followed by

an hour of fun and lots of running

around. After this it’s back to my onsite

cottage and dinner with possibly a

celebratory beer for the evening, and

then to get some sleep for what the next

day holds.

Tuesday

Another reasonably simple day.

Muck out, hay and water for Chueca

and Agustin and then exercise the

ponies that aren't doing lessons today

and plan the rest of the week.

There is normally just one lesson in

the evening with some of the more

experienced regulars. At 6:00pm I'm

joined by Becka O'Toole and Lucy Shea

who have been with me from the start

and were actually in the first lesson I

ever taught on the Isle of Man in

October 2013. Lucy and Becka would

normally be joined by another regular

Sam Egan. Lessons like these I really

enjoy because I can teach more tactical

plays and more difficult shots, these

guys are really starting to get good so

they're starting to push me in practice

games. Becka loves Palermo, Lucy gets

on really well with Morano and Sam is

starting a new partnership with Rosita

that I think will work really well. Ponies

untacked, rugged and out for the night.

Wednesday

Wednesday is definitely my busiest day.

11:00am Lesson with Graham Dimelow,

an electrician who had never ridden

before his first polo lesson. With a great

natural shot he's just working on his

riding so he can canter, stop and turn

with the ones who have been riding

since they were kids. Next lesson is

Kate Tebay, Lindsay Hotchkiss and

Alison Callister at 1:00pm. They have all

ridden since they were young and are

really enjoying their polo as a new

challenge. At 6:00pm I’m joined by Jane

Macintosh, Steve Kenaugh, Brandon

Ellis and Jill Bunyan. Jill and Jane are

both experienced riders whilst Steve

and Brandon are new to horses. It’s a

great lesson for me because they're

good friends and they enjoy the lessons

together, it's great to see.

Final lesson of the day is Anthony

Wilkins and his daughter Paige. Paige

came for lessons last winter and is a

confident rider. It’s so satisfying to see

them progressing ready for the summer

season. A good pat for the ponies for a

good day’s work then back out to the

field.

Thursday

Thursdays are relatively simple.

Muck out, hay and water followed by

exercising the ponies not in lessons.

Grenaby Estates use the arena from

3:00pm until 6:30 so I get the chance to

put my feet up for a while with a cup of

tea and catch up on some paperwork

and then groom the ponies, tack up,

bandage, boots, tie their tails up and

then they are ready for action at 7:00pm.

This is a fun lesson with Gemma

Barker, Becky Norrey, Clare Townsend

and George Osborn, who brings his

own polo pony Whisky for lessons.

Another advanced group where I can

focus on harder shots and more

complicated tactics. When we're done

tack off, bandages off, rugs on and

ponies out to the field.

Friday

Friday seems to have become a day

of rest for the ponies and myself. I try to

squeeze an extra hour in bed before I

start the weetabix and coffee ritual.

There are obviously the usual jobs to do

like mucking out, hay and water but

apart from this I can catch up on the

boring jobs like the washing a make

sure any paperwork is

up to date. Frazer is

over from the UK

where he is based as

an Equine Dentist and

we have a meeting

this evening to discuss

some land for an

outdoor summer

pitch. This is a very

exciting prospect for us as outdoor polo

gives the players the chance to get up

some real speed and it’s quite

exhilarating for spectators too.

Saturday

IHad an absolutely fantastic day

today. It was the first meet of the Isle of

Man Bloodhounds Drag Hunt which

took place at Great Meadow. It was a

brilliant turnout of riders taking in some

stunning countryside including a zip

along the beach and out to Langness.

Polo ponies can turn their hooves to

hunting too, I rode Cheuca, Frazer took

Macarana and Joanna rode Mareno.

They all behaved excellently and even

jumped the fences, which is pretty

amazing given that they have never

been shown a fence! It really does go to

prove how capable and keen to please

they really are.

After all that excitement they had a well

deserved tea and an early night and I

took the chance to participate in a

couple of beers with Frazer and some

friends.

Sunday

Sunday is a great day at Triskelion.

We have Chukkas going on with teams

made up of the regulars who have

lessons both at the lower level and then

at the more advanced level. It gives

everyone the chance to put into practice

what they have been learning and it gets

very competitive! Everyone is welcome

to come down on a Sunday, have a cup

of coffee, some cake and watch the

games. We welcome both regular

supporters and anyone who would just

like to come and enjoy or maybe even

have a go.ISLE OF MAN

PORTFOLIOISSUE 151

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ISLE OF MAN

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arrod Dickenson is a man with

a background that immediately

stirs up images of a classic

American songwriter.

He is a previous winner of the

Grand Prize at the Belfast Nashville

Songwriters Competition. The album

title The Lonesome Traveler is an apt

one, Dickenson believes that his time

playing and travelling through half

the states of the U.S. was hugely

influential on him – I’d have to

agree. Texas-born Dickenson has

spent time living in Nashville, LA

and currently resides in Brooklyn.

Comparisons can be drawn to

contemporaries such as Ray

LaMontagne, Iron & Wine or even

Bright Eyes. Dickenson’s country-

tinged voice lies somewhere

between a young Tom Waits and Iron

& Wine’s Sam Beam – deeper than

Beam but without the whiskey bellows

of Waits. The guitar work carries the

songs along with that classic sound of

folk meets country. Dickenson lists

Townes Van Zandt as an influence and

it’s the spirit of Van Zandt that runs

through The Lonesome Traveler’s

veins. Dickenson’s taste for American

literature won’t come as a surprise to

the listener either. In LA he sought out,

firstly the album’s producer, Ryan

Freeland (Ray LaMontagne, Lisa

Hannigan) and then the session

musicians he’d set his sights on. It is

the session work that fleshes out

Dickenson’s songs, adding classic

sounds and tones reminiscent of

America’s best songwriters. On the

majority of the album these

instruments add flavour to the songs,

never overpowering the songwriter’s

own voice.

The album has a couple of country

romps in ‘Ain’t Waiting Any Longer’

and the brilliant ‘Little Black Dress’

which boasts some great guitar and

keyboard riffing throughout. ‘Ain’t

Waiting Any Longer’ is as close to a

typical upbeat country tune as

Dickenson gets. And while ‘Little Black

Dress’ might not have the delicate

lyrics of the quieter tracks, its upbeat

country blues and flirtatious theme

makes it an immediate stand-out on

the album. The majority of the album

however is a much more intimate

affair such as ‘I Remember June’ or the

album’s closer ‘Seasons Change’,

written about his ageing grandfather.

It is the only song on which Dickenson

plays unaccompanied, proving

Dickenson’s awareness – the listener

is left to focus on Dickenson’s beautiful

guitar lines and melancholic but

reassuring lyrics. The heart and soul

of the album are crafted songs such as

‘The Northern Sea’, inspired by John

Steinbeck’s The Winter of Our

Discontent. The well-worn topic of

coming home to one’s sweetheart is

handled on ‘Rosalie’ with the sincerity

of a man with experience. The themes

are classic but sung by a man with a

clear appreciation.

The Lonesome Traveler portrays a

songwriter confident in his sound and

the stories he is telling. Dickenson

showcases his influences while

crafting the album’s own tone and feel.

The album has a very natural sound to

it with the extra instrumentation

adding texture and filling in the songs

with trademarks of the folk genre. This

is only Dickenson’s second album but

you are safe in the knowledge that

he’ll have plenty more travel weary

songs under his hat.

The ‘Texan Troubador’ and all

round Southern gentleman returns to

The Institute, Laxey, on Friday 13th

February and he will be making his

Peel debut in the Atholl Room at the

Peel Centenary Centre on Saturday

14th February.

Earlybird tickets are on sale online

at £10 each from www.etickets.im/jp

or £12 on the door.

J

Return of The Lonesome TravelerTexan Troubadour Jarrod Dickenson returns for two gigs

on Friday 13th February at The Institute, Laxeyand on Saturday 14th February he's making his Peel debut

in the Atholl Room, Peel Centenary Centre

YOUWhat is your business background?

I am a self-confessed start-up fanatic

having launched and managed more

than 20 businesses from internet

search engines to electric motors,

pubs & clubs to specialty chemicals,

and most things in between. I’ve had

my fair share of successes, taking four

through multi-million IPOs on

London’s AIM and a fair few more

being sold on privately. The trick,

however, is to learn from my mistakes.

What was your very first job?

My first proper job was with a

company called Kinsey Martin Kinsey

Ltd, which was me and the two Kinsey

brothers, James and Gary. We

represented a number of British

companies and their interests in

Russia in the early 1990s.

If you hadn’t chosen your current

career, is there another career path

you would have liked to pursue?

The British Army offered to sponsor

me through university if I signed up

for six years. I declined, but

sometimes wonder what might have

been if I hadn’t.

Who is your business role model?

Jack Welch, former Chairman and

CEO of General Electric. Cold called

him once, actually managed to pitch to

him and we went on to do some

business with GE’s motor division!

What’s the best business lesson you’ve

ever learned, and how did that come

about?

That the brick walls we hit in business

are there for a reason. They are not

there to keep you out, but to give you

the chance to show how badly you

want something and to keep out those

that don’t want it badly enough. When

did I learn this lesson? Floating my

first company, which we had to do

twice as the first time our IPO got

pulled on the day of admission due to

an issue totally out of our control.

Thought my world had ended that day,

but we picked ourselves up, got back

in the game and successfully floated a

year later - at a higher valuation to

boot!

What’s the best thing about your job?

Variety. I get to meet and help people

running all sorts of eCommerce

operations from start-ups to long

running established businesses in all

sorts of sectors, from electrical

retailers to Tibetan monasteries and

most things in between.

What is the best business advice you

could offer to anyone?

Embrace change; since like ‘time’ it

can’t be slowed, stopped or reversed.

DIGITAL AGEDo you own an iPad?

Yes.

What are your favourite gadgets?

Loving my iPhone 6 Plus, and Sky+ is

a godsend.

Which websites do you visit most?

I spend much of my working day

reviewing various websites offering

all manner of goods and services.

Do you shop online and if so what for?

I’m a bit of an iTunes addict!

PERSONALWhere in the world would you most

like to visit and why?

Kuala Lumpur, Malaysia as I was

born there back in 1969. We left

when I was two and I have not yet

made it back.

What is your favourite TV series?

The Wrong Mans with James Corden

of Gavin & Stacey fame. That said,

the new series of Silent Witness

started this week and the first

episode got me hooked again. Thank

god for iPlayer.

What is your favourite film?

Goldeneye; always love watching

Pierce Brosnan destroy St. Petersburg

in a tank.

What is your favourite album?

BBC 1’s Live Lounge 2014

What is the most memorable event

you have recently attended?

Er, not quite attended, but witnessed

first-hand the Russian constitutional

crisis in 1993 when tanks shelled the

Russian White House. We were living

in Moscow at the time and watched

events unfold from our balcony

drinking G&T!

Name 3 things you would like to do

before you die?

Throw tomatoes at La Tomatina in

Bunol; visit New Zealand and drive

stock cars at Onchan Raceway.

CURRENTWhat key changes do you envision in

your sector this year?

I believe we are entering one of the

most exciting times in the relatively

short history of eCommerce. As the

market continues its double digit

growth, the payment ecosystem is

NAMEJustin Martin

TITLE AND COMPANYManaging Director,Payment Goblin Ltd

WHERE DO YOU LIVEON THE ISLAND?

Ramsey

HOW LONG HAVE YOULIVED ON THE ISLAND?

16 years

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ISLE OF MAN

PORTFOLIOISSUE 151


QAchanging and expanding rapidly with

it, fuelling new ways to sell and get

paid. Against this backdrop, new

legislation, rules and regulations are

constantly being enacted across the

globe, affecting all spheres of business

activity, challenging existing business

models and practices, and changing

risks.

Our job at Payment Goblin is to

help high-street, online and mobile

businesses around the world accept,

understand and outpace this changing

landscape, enabling our clients to

continue to bank their turnover

whether paid by credit card, debit

card, from wallets or bank transfers in

multiple traditional or the new crypto

currencies.

Looking further ahead we see

physical credit and debit cards

becoming a thing of the past as mobile

phones become the primary way for

consumers to pay for goods and

services. Mobile payments, or “m-

payments” as they are known in our

industry, are growing at almost 60%

annually, reportedly reaching 28.9

billion transactions in 2014. This

growth is sure to continue in 2015.

High Flying Birds03 Mar

Spandau Ballet04 Mar

Lionel Richie10 Mar

Usher21 Mar

Lord of the Dance29 Mar

Nicki Minaj01 Apr

Olly Murs07 Apr

Paul Simon/Sting09 Apr

Disney on Ice15-19 Apr

The Vamps20 Apr

McBusted22 Apr

Take That04-05 May

The Who21 Jun

Neil Diamond30 Jun

BELFASTOdyssey Arena

www.odysseyarena.com

LIVERPOOLEcho Arena

www.echoarena.com

MANCHESTERMEN Arena

www.phones4uarena.co.uk

LONDONO2 Arena

www.theO2.co.ukSlipknot22 Jan

Kaiser Chiefs31 Jan

Top Gear Live13-15 Feb

Queen26 Feb

The Script05 Mar

Lionel Richie13 Mar

Aussie Pink Floyd14 Mar

Disney on Ice18-22 Mar

Paloma Faith24 Mar

McBusted31 Mar

Nicki Minaj06 Apr

Ben Howard13 Apr

The Vamps28 Apr

Maroon 529 May

Slipknot20 Jan

Queen21 Jan

Phoenix Nights Live31 Jan-12 Feb

You Me At Six13 Feb

The Black Keys27 Feb

Lionel Richie28 Feb

The Script06-07 Mar


McBusted21-22 Mar

Usher23 Mar

Train26 Mar

Nicky Minaj04 Apr

Paul Simon/Sting13 Apr

Olly Murs22-24 Apr

Queen17-18 Jan

Alt-J24 Jan

Kaiser Chiefs13 Feb

Lionel Richie01 Mar

The Black Keys03 Mar


The Script13-14 Mar

Train24 Mar

Paloma Faith25 Mar

Usher26 Mar

Nicky Minaj28 Mar

McBusted04-05 Apr

Paul Simon & Sting15-16 Apr

The Vamps01-02 May

GIGGUIDE

Paloma Faith’s arena tourincludes March dates in

Liverpool and London and is insupport of her hit album A

Perfect Contradiction

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PORTFOLIO ISSUE 151


iom portfolio issue 151

Documents

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