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Financial Services and Insurance - Windram Miller |
Financial Services and Insurance:
Windram Miller & Company has wide experience of the financial services and of the general (short-term) insurance fields in both Spain and the UK. Our clients include product providers (insurance companies and investment houses), intermediaries - notably insurance and investment brokers - and end-consumers of financial products (ie clients of the former two).
Product Providers
The relevant European Directives provide for both the right of establishment, and also the freedom to provide services (the so-called "single passport"). In the latter case, the home state regulator retains both the right and the duty of supervision and regulation. In the former, the host state assumes those rights and duties. It should be noted that in Spain, unlike the UK, insurance and investment activities and product providers are regulated by different authorities. The DGS (the Spanish insurance authority) regulates all forms and branches of insurance business, and the CNMV is the regulator for investment business.
A similar "single passport" arrangement now exists for intermediaries who are authorised and regulated in their home state. It is, however, limited to insurance products only. UK IFAs, wishing to promote non-insured investment products (such as mutual funds) cannot be authorised for this activity under the single passport arrangement.
Under existing legislation, any insurance or investment agent or broker conducting business in Spain (even as an occasional visitor), other than on the above single passport basis, is subject to Spanish authorisation and regulation.
For insurance brokers wishing to establish in Spain, there is a procedure under which qualified intermediaries who are citizens of an EU member state and who can demonstrate sufficient professional training and experience may obtain inscription in the DGS's special register of those who may practice in Spain.
ClientsWe can and do advise investors and policy-holders on any aspect of financial services business, be it portfolio construction, appropriate policies of insurance, pensions, or indeed issues relating to the competence or authorisation of brokers and agents. We do not, however, execute such advice, in that we always refer such clients to their chosen intermediary for the placing of financial services and insurance business.
