Wealth manager NewPEL Group is to
make use of a new legal structure, recently introduced by the EU,
which allows a wide range of asset classes to be included in life
products.
The business has been granted a license by the
Gibraltar Financial Services Commission, which has taken an early
lead in supporting the development of the structure, called
Protected Cell Companies (PCC).
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The main benefit PCCs offer clients is asset
protection. They are corporate bodies that can establish legally
recognised cells in order to segregate and protect policyholder
assets.
Business transactions are kept separate from
the activities of other cells, according to the company.
“Gibraltar was the first jurisdiction within
the EU to implement PCC legislation. We are very pleased PEL has
chosen Gibraltar as its insurance domicile,” said James Tipping,
director of Gibraltar Finance.
NewPEL was advised by Nigel Feetham, a partner
at law firm Hassans.
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