The Genie's Newsletter - September 2024

Hey - it's that time again, for the not so compliancy newsletter. Although actually I will add a bit of compliance as it's that time again for the Thematic Reviews that are being undertaken by the Regulators - both on the Isle of Man (this time for the Estate Agents and how they are complying with the AML code) and in Gibraltar - who have extended their review to pension administrators for AML - Anti Money Laundering for those who aren't aware of the jargon.

For those who don't know I started my career off in the world of corporate pensions with KPMG working for the likes of Adidas, Sytner Group and have worked on the likes of Akzo Nobel and Kellogg's. Having such a foundation in pensions - as in the ability to actually administer the schemes and calculate the benefits means I was involved in setting up one of the first group SIPPs on the Isle of Man - which meant drafting, updating and understanding Trust Deed & Rules and understanding the QROPS requirements when they were implemented. It's funny how things go full circle as pensions is now coming back into my life.

Anyhow I was involved in the Thematic review last year in Gibraltar, so I pretty much know what is being looked for when it comes to demonstrating compliance in line with requirements and with my pensions background and my previous roles of AMLRO I'm sure it can navigate it without too many issues.

Well that is enough of compliance for now, cause let's face it there aren't many people who are interested in compliance - they just want to know they are being compliant and they are doing the right thing and where possible someone is doing it for them! If that's you and you need any help let me know.

August Travels

So what have I been up to since last month? well I decided to stop faffing around in August as to be honest whilst I was working, I was just doing it to keep busy. Which meant I wasn't spending time with the kids - and as they are getting older - aren't we all (though knowing that time isn't real I have decided to take 10 years off my age - after all no one will know!) - I decided to take the last week off. The plan was to head away for the last week, but it was touch and go as I was waiting for my passport to be renewed - I did have 6 months left on it, but apparently we can't always use this extension now we are not in the EU.

With my passport arriving on the Saturday morning, by the evening we had booked to head off on holiday on Monday morning to somewhere we had never been before - I was wanting to go to Mexico but no matter how much I don't believe in time, I just couldn't get the flights back in time to get the kids back for school - wouldn't look too great with them not being back at school for the first day.

So our flight was interesting with the Air Steward Announcing 'I can't believe I am saying this but for the person who left their underwear in the toilet's could you please go and retrieve them' - as I was half asleep I didn't know whether I was dreaming, apparently not!!!!

Anyway we ended up somewhere we had never gone before which was great only that it was just me and the kids - and when I got there I realised I shouldn't have just forgotten my French and that it probably would have been better to be relearning that than learning Korean on Duolingo!!

So where did we end up? - well half way up the Atlas mountains where the driver thought nothing of overtaking on the side of the mountain - with no barriers and I'm sure occasionally his wheels headed off the tracks! Now I have been to Africa loads of times and experienced the driving but Gambia is a bit flat and there are no mountains to navigate. And to top it off I then ended tracking up to a waterfall which was literally half way up the mountain and had to navigate our way down - which was an experience especially with my fears of heights!

After booking a trip that took us round the mountains without thinking of my fear of heights, it became a bit of a running joke as to what I was booking - the next one involved us being dropped in the middle of Marrakech for a tour of the Souks only to be left in a hotel for half an hour and then being rushed around the place and only being able to shop at the designated places (i.e. the ones where the tour guide had his palm greased). Then again being left on a roof top in Marrakech watching the sun set which was lovely, whilst we were trying to work out if we were at the right place.

Did I get the kids back in time for school? well yes but one still ended up having a few days off as we picked something up on the way back. But the intention was there!

Other Bits

So that was my August, oh I did do some work though, I actually opened a Facebook group after being advised to show people what it actually meant to be compliant instead of just assuming that they know, and I reopened my template shop. Cause obviously I have templates for virtually everything and whilst they were in the Cave of Wonders on my old website - no one really knew they existed. So this is now reopened, oh and I created something that will help everyone who has a website to be compliant.

Right I'm now off to work on Consumer Duty - and no I aren't a year yet, the Consumer Duty requirements were implemented into Gibraltar in May this year and like everything compliance isn't a thing that we do one time, it's an ongoing thing that needs to be kept on top off and the regulator has recently realised more guidance ........