Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether (a) he and (b) the Financial Conduct Authority plan to investigate the alleged unlicensed selling of insurance products in EU countries to UK investors by UK companies using Isle of Man subsidiaries.

Under EU rules, it is the responsibility of the regulator in the country where the insurance product is purchased to monitor its insurance market for unauthorised products.

The FCA has powers to act if a firm is conducting a regulated activity in the UK without the required permission. The Government is confident in the FCA’s ability to monitor the UK insurance market and protect people who buy insurance products in the UK.