Protection industry wins trust exemption

Ruth Gilbert reports

clock • 2 min read

Pure protection to be exempted from anti-money laundering proposals, Treasury confirms

In June, a COVER article featured a major threat to life policy trusts. This was contained in the Treasury's proposals for all express trusts in their April consultation about implementation of the Fifth Money Laundering Directive. Under those proposals, even for life policies with no investment element, trustees or their "agents" would have to enter full details of the trust and its beneficiaries into the Trust Registration Service (TRS). This would have had an impact on both group and individual cover, with news cases affected from 1 April 2020.  The COVER article showed why this would...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

FCA seeks to ease Consumer Duty wholesale and non-UK burden

FCA seeks to ease Consumer Duty wholesale and non-UK burden

Clarity on firms' responsibilities when working together

Sophia Panayi
clock 29 June 2026 • 2 min read
FCA launches Simplifying Insurance Rules consultation

FCA launches Simplifying Insurance Rules consultation

Reduction in disclosures

Cameron Roberts
clock 29 June 2026 • 4 min read
Price comparison impacting consumer understanding

Price comparison impacting consumer understanding

BIBA, ABI and Fairer Finance

Cameron Roberts
clock 25 June 2026 • 2 min read