By Mark Battersby From International Adviser
Blacktower Financial Management Group has been given the green light by the Gibraltar Financial Services Commission for a Restricted Category 3 MiFID Licence.
The European-focused IFA, which has head offices in both Gibraltar and the UK, gained permission ‘in principle’ as it enters its 30th year of trading with more than 75 direct advisers and network members around the world.
Group managing director John Westwood said: “After two years of interaction with our regulator, we are delighted to announce we have now been provided with an ‘in principle’ confirmation of our successful application for a Restricted Category 3 MiFID Licence.”
The Gibraltar FSC has been through numerous changes during the past few years as it conducted its own internal restructuring to meet with the regulatory panorama ahead of it, he said.
He added: “It is not always appropriate for a client to be advised to take on an insurance-based investment solution, so we are delighted that very shortly we will be able to add further products and solutions to our panel and provide our clients with a greater range of services, whatever their needs.”
The Gibraltar-based European business has been passporting its services through all 28 European countries for a number of years, with the main area of advice being provided under the Insurance Mediation Directive.
IMD has always been considered sufficient for many of the cross-border expatriate needs, with international providers ‘tweaking’ their products to meet with the specific tax positions of these clients, the company said.
However, the new MiFID licence would provide the “perfect solution and platform to expand its European-based service offering, and applications would soon be issued to the regulator seeking permission to passport these additional services throughout the Blacktower and Nexus Global Branch Networks.
Blacktower launched Nexus Global, its own IFA network, in 2010, in a bid to offer a compliance and regulatory framework in the image of the established networks in the UK.
Though the concept was new to the Gibraltar regulator and the jurisdiction, the company said it had been embraced and the authorities were comfortable with the infrastructure and ability to manage the network of branches.
It ventured beyond Europe in early 2014, with an additional office based on the Cayman Islands after it was granted a full business securities licence by local regulator, the Cayman Islands Monetary Authority.
John Westwood has also joined IA’s intermediary panel this month, as has Derek Smorenburg, chairman of the South African Independent Financial Advisors Association
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