Archive for the ‘Isle of Man’ Category

IoM Consults On Ombudsman Scheme Changes

14 February 2012

The Isle of Man's Office of Fair Trading is proposing to increase the maximum award limit under the Isle of Man Financial Services Ombudsman Scheme from GBP100,000 to GBP150,000.

If adopted, the new limit would apply where an act or omission which gives rise to a complaint occurs on or after April 1, 2012.

The Financial Services Ombudsman Scheme is a free, independent dispute resolution service for customers with a complaint against a financial service provider operating in or from the Isle of Man. It became fully operational in January 2002 and is now established under Schedule 4 of the Financial Services Act 2008.

Those in receipt of financial services can bring a complaint if, in the course of receiving financial services, the firm involved caused losses (including material distress or inconvenience) through maladministration or negligence. For the purposes of the scheme, financial services include insurance, investments, banking, mortgages and credit as well as pension and other financial advice. The Pensions Ombudsman covers complaints about the administration and running of personal and occupational pension schemes.

The current maximum award limit of GBP100,000 has remained unchanged since the Scheme was established in 2002. This limit has decreased in real terms as increasing the amount in line with inflation since January 2002 would see it set at approximately GBP146,000.

The UK?s Financial Ombudsman Service increased its maximum award limit to ?150,000 on 1st January 2012. In addition, the proposed financial ombudsman for Jersey and Guernsey is also expected to adopt this figure.

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IoM Consults On Ombudsman Scheme Changes

Junior Achievement and Ballakermeen High School Launch Interview Workshops

by Stephen Ritch

With the job market becoming increasingly competitive Junior Achievement Isle of Man has teamed up with six local employers to deliver CV and interview workshops to year 11 students at Ballakermeen High School.

Students have to prepare a CV and choose to which of the employers - Barclays Wealth, Isle of Man Government, Manx Telecom, Marks & Spencer, Swagelok and Tracey Bell - they wish to apply.  They are then given a job description in advance of the 35-minute interview which concludes with a feedback session.

The interview programme has been devised by Ballakermeen High School’s key stage four manager Eoin Moriarty in collaboration with Junior Achievement’s Joy Spence, a former recruitment specialist with more than 15 years’ local industry experience.

She said: ‘Junior Achievement is all about preparing students for the world of work and, in an economic climate where the job market is contracting, young people need all the help and support we, together with schools and our volunteer business partners, can offer.

‘These workshops are designed to give students a taste of the “real” world; an opportunity for them to develop a whole range of interview techniques, from personal presentation to communications skills.’

Mr Moriarty said: ‘Any opportunities we can provide for students to hone their CV writing and interview skills prior to applying for actual jobs has to be a good thing and we are very grateful that employers have embraced this new initiative.

‘Students are definitely nervous going in but, from the positive feedback they get, they emerge more confident and clearly buzzing from the experience they’ve had. 72 students volunteered to take part in this project and the feedback from them, the employers and parents has been fantastic.’

Conducting interviews on behalf of Marks & Spencer were Maria Caldwell and her colleague Marie Clare who said: ‘Both Maria and I think the mock interviews are a great idea, as we see so many young adults fail our interviews due to lack of knowledge and understanding of what companies are looking for.
 
‘The benefit for the students is huge as they get the chance to gain that knowledge before they leave school and have now some idea about what potential employers are looking for, regarding their appearance, CV presentation, knowledge of the company and the area in which they wish to work.
 
‘The benefit to Marks & Spencer is that hopefully some of these students would now pass the interview process and become a benefit to our store.’

The pair’s first interviewee was 16-year-old Gina Clarke who said: ‘I signed up for the workshop because I saw it as an opportunity while still at school to experience what job interviews are like. Having done the interview, it’s certainly given me more confidence for when I go for a job for real.’

Swagelok’s Neville Jewell said: ‘Mock interviews are important because they really do help these young men and women. When I was their age there was nothing going on at that time that prepared you for the outside world. The job market is more competitive than ever and being able to give these guys the tools to gain that advantage in getting that job is important. I find it personally rewarding to be a part of this scheme as it gives me an opportunity to apply my experience and hopefully guide young people so they can avoid some of the pitfalls I encountered when job hunting.’

Joy Spence concluded: ‘We’re enormously grateful to Ballakermeen High School for their support and to the interviewers for giving so generously of their time and bringing such authenticity to the programme. Given that so many students signed up for the workshops, it’s clear that young people have very genuine concerns about their future careers.’

-ENDS-

In Other Isle of Man News

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© Manx Telecom Ltd 2012

Manx Telecom Ltd, Isle of Man Business Park, Cooil Road, Braddan, Isle of Man IM99 1HX
Registered in the Isle of Man Reg no.5629V Vat Reg no GB 003-2919-12

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Junior Achievement and Ballakermeen High School Launch Interview Workshops

IoM Clean Tech Event Heralded A Success

14 February 2012

The Isle of Man's Department of Economic Development has welcomed the coverage received from a recent clean-tech business breakfast where the island's offerings were represented to an audience of over 140 clean-tech sector investors, professional advisers and businesses.

A high-level delegation of Isle of Man representatives attended the event, The Rushlight Clean Technologies show, on February 1, 2012. The show is the only event in the UK and Ireland that showcases the best new energy, waste, water and environmental solutions.

The event featured various speakers from the Isle of Man including John Shimmin, the island's Minister for the Department of Economic Development, who discussed the vision of Charles Hendry, Minister for the UK Department of Energy and Climate Change, for an ?all-islands approach? to offshore renewable energy to meet the needs of the British Isles and for export into Europe.

Also in attendance were Dr Emma Rowan, the island?s Marine Spatial Planning Officer, who provided baseline data on the Isle of Man territorial maritime area and details on the Manx Marine environmental assessment and planning process; Dr Alan Hisscot, former Senior Meteorological Officer, Isle of Man Meteorological Office, who provided an overview of Isle of Man resources, especially the wind and tidal resource; and John Harper, Commercial Manager, Manx Electricity Authority, discussed the existing subsea cable connecting the UK and the Isle of Man and the electricity trading arrangements.

To conclude the event, Dr Ken Milne, the Senior Manager for Energy Policy at the Isle of Man Department of Economic Development, who spoke about the potential upgrade to harbours that could create operation and maintenance bases for offshore wind farms; on island capabilities, including precision manufacturing; and also benefits for domiciling companies on the Isle of Man.

Welcoming the success of the event, John Shimmin, the Minister for the Isle of Man Department of Economic Development, commented:

"We were pleased to be involved in this successful clean tech breakfast which generated significant interest. The breakfast provided a valuable opportunity for the Department of Economic Development to explain the benefits that differentiate the Isle of Man from its competitors."

"We are fortunate that our island has a proven track record of trialling new technology, a manufacturing sector, including businesses with over 50 years' experience, which can assist with developing new technology. We have the opportunity to develop offshore renewable energy in an area which is greater than 87% of the islands territory,? he added.

Dr Ken Milne, Senior Manager for Energy Policy, added:

"We had a lot of good feedback from the attendees at our breakfast who listened with great interest to the various presentations and discussions from a wide range of experts.?

?With its business networks, flexible assistance schemes and world-leading cluster of professional advisors, the Isle of Man intends to be at the forefront of this development by attracting and supporting dynamic, innovative businesses and entrepreneurs from around the globe."

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IoM Clean Tech Event Heralded A Success

Appleby IOM Announce Seven Strong BVI Legal Services Team

by Ashgrove Marketing

Appleby (Isle of Man) LLC is pleased to announce that it now has seven British Virgin Islands (“BVI”) qualified lawyers within its Isle of Man legal team, five of which are partners.

Focusing largely on Appleby’s corporate offering the team comprises six corporate lawyers and one private client lawyer who specialises in trusts work. Together with the full support of Appleby’s well established practice in Tortola, BVI, the Isle of Man team is able to provide a range of legal, corporate, trust, administration and management services in a GMT time zone. 

Nick Verardi, local group head of corporate & commercial and partner of Appleby said: “This is a significant addition to our service offering to both international and domestic clients. Appleby is already unique in its ability to provide clients with advice in all three Crown Dependencies, now with the added expertise of our BVI qualified legal team we can offer BVI legal advice in a European time zone,” he continued, “Importantly, with the expertise of our knowledge management team and our physical presence in the BVI, we are able to ensure our advice is up to date and consistent with current BVI practice.”

The widespread use of BVI companies, either as holding or trading companies, has led to an increasing requirement for BVI legal advice and services around the globe. Appleby (Isle of Man) LLC is the only Isle of Man based law firm with the in-house corporate expertise specialising in this area, with the added benefit of a local BVI office to provide support when required. 

Across eight jurisdictions Appleby’s 30 strong BVI legal team is routinely involved in the most high profile and complex matters providing easy access to BVI legal advice for clients including banks and other financial institutions, governments, lessors and lessees, joint venture and other project developers, ship owners and high net worth individuals. In addition to BVI and Isle of Man legal advice, Appleby also facilitates the provision of legal advice in Bermuda, the Cayman Islands, Guernsey, Jersey, Mauritius and the Seychelles from its Isle of Man office.

-ENDS-

In Other Isle of Man News

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© Manx Telecom Ltd 2012

Manx Telecom Ltd, Isle of Man Business Park, Cooil Road, Braddan, Isle of Man IM99 1HX
Registered in the Isle of Man Reg no.5629V Vat Reg no GB 003-2919-12

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Appleby IOM Announce Seven Strong BVI Legal Services Team

Report Issued on the Latest Review of the Isle of Man National Insurance Fund

by Department of Social Care

The Department of Social Care has published the report of the latest review of the Isle of Man National Insurance Fund (the Fund) which covered the 5-year period to 31st March 2007.  This report will be laid before Tynwald at its February sitting.

The results of the review were not surprising:  the population is living longer, with life expectancy predicted to continue to increase by over one year each decade, and consequently drawing their state pension for longer.  As a result, if no action was taken, the Fund (which is currently valued at £650million) would be exhausted by around 2050.

However this is not a cause for undue concern as Isle of Man Government, like its counterpart in the UK, is already taking action.  The Isle of Man has reciprocal arrangements with the UK on social security including the state pension and therefore, subject to Tynwald approval, will mirror the measures taken to sustain the Fund into the future.

These will raise the state pension age for women to 65 by 2018 and to 66 for both men and women by 2020.  The UK has also announced its intent for a further rise of the state pension age to 67 by 2028 followed by appropriate rises periodically thereafter.  These further rises in state pension age are expected to be in line with rises in life expectancy. 

The Chief Minister recently announced that the Island’s benefits system and pension policy will be reviewed and other options for the future sustainability of the Fund will be further considered as part of these reviews.  The Department of Social Care and the Treasury have commenced this work and will report to Council and Tynwald later this year.

The Department of Social Care and the Treasury are also taking this opportunity to make an announcement concerning pension policy.  The two Departments continually monitor legislative changes in the UK.  One recent legislative change made in the UK compels employers to offer an occupational pension to employees who are then automatically enrolled and must make contributions from earnings.  The Isle of Man does not have the same issues as the UK as more employees have access to such occupational pensions and also the state pension is more generous due to the Manx Pension Supplement.  As a result, the two Departments and Council of Ministers are satisfied the UK policy is not required in the Isle of Man. 
 
The Minister for Social Care Hon Chris Robertshaw MHK said:  “This review of the Manx National Insurance Fund has highlighted the need to review our pension policy and address the fact that people are living longer and therefore should expect to work longer to fund their retirement.  This is fair as it will enable each generation to enjoy the state pension for roughly the same number of years as is the case currently.”

The Treasury Minister Hon Eddie Teare MHK said:  “I believe the policy proposals to raise the state pension age in line with life expectancy are the right way to ensure we can all enjoy an adequate state pension that is sustainable for future generations.  Also I am content that the UK’s policy of auto-enrolment into workplace pension schemes is not right for the Island.  Together, these policies will stand us in good stead.  My Department will work closely with the Department of Social Care on what further policy changes we may need to ensure our state pensions and social security benefits continue to meet the Island’s needs on an affordable basis.”
 
- Ends -

In Other Isle of Man News

If you'd like to send any information or news releases to us then please feel free to do so and we would be more than happy to consider sharing your news with the Isle of Man!

Send your Isle of Man news to:webmaster@manx.net

© Manx Telecom Ltd 2012

Manx Telecom Ltd, Isle of Man Business Park, Cooil Road, Braddan, Isle of Man IM99 1HX
Registered in the Isle of Man Reg no.5629V Vat Reg no GB 003-2919-12

Read the rest here:
Report Issued on the Latest Review of the Isle of Man National Insurance Fund