Up Close and Personal

www.business365iom.co.uk | OCTOBER 2020 ISSUE

UP CLOSE AND PERSONAL

WITH

How one of the island’s leading Corporate Service Providers is putting people first

FINANCIAL MAJOR ACQUISITION DAMNING INTELLIGENCE FOR STRIX REPORT The Isle of Man Financial Intelligence Unit Strix Group Plc, the Isle of Man-based leader in the An independent report commissioned by is among eight law enforcement agencies design, manufacture and supply of kettle safety government has described the Department of from smaller financial centres to be granted controls, has entered into a conditional agreement Education, Sport and Culture’s management, Associate Membership of the International to acquire the entire share capital of Italian water and its relationship with schools and teachers, Anti-Corruption Coordination Centre (IACC). purification business LAICA for approximately as fractured and in need of repair. €19.6m.

THE ISLE OF MAN’S ONLY DEDICATED BUSINESS MAGAZINE NEWS | COMMENT | INSIGHT | PEOPLE | MOVEMENTS | FEATURES | TECHNOLOGY | HEALTH ProtectProtectProtectProtect youryouryouryour businessbusinessbusinessbusiness ProtectSecureProtectProtectSecureProtect offshoreoffshore youryour email,youryouremail, archivingarchiving && securitysecurity awarenessawareness businesstrainingbusinessbusinesstrainingbusiness servicesservices SecureSecure offshoreoffshore email,email, archivingarchiving && Inside securityInsidesecurity your your organisation organisation awarenessawareness ProtectProtectProtectProtectEducateEducate employees employees to to recognise recognise youryouryouryour threatsthreats and and use use best best practice practice trainingtrainingsecuritysecurity policies policies with with services serviceseffective effective onlineonline security security training training programs.programs. InsideInside your your organisation organisation EducateEducate employees employees to to recognise recognise threatsthreats and and use use best best practice practice securitysecurity policies policies with with effective effective onlineonline security security training training businessbusinessbusinessbusinessprograms.programs.

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STRIX ENHANCES ITS POSITION IN Secure offshore email, archiving 5 THE WATER MARKET A comprehensive round-up of the latest business news ProtectProtect youryour covering all sectors within the Isle of Man’s diverse and BOSTON MULTI FAMILY OFFICE dynamic business environment. & security awareness 8 ACQUIRES IQE EDUCATION REPORT ‘NOT AN EASY Expert comment from leading figures within the 14 READ’ – CHIEF MINISTER businesstrainingbusiness services business community, on a variety of topical issues across a range of sectors. FIRST MILK PRICE HIKE IN EIGHT Secure offshore email, archiving 15 YEARS Looking at the people who keep the wheels of UK’S ACUTE CYBER SECURITY TALENT Inside your organisation commerce turning on the Island; features, profiles, 22 SHORTAGE & Educatesecurity employees to recognise awareness achievements and stories with a human dimension. ProtectProtect youryour SPOTLIGHT ON PENSIONS 2020 – trainingthreats and use best services practice 29 A B365 FEATURE security policies with effective Who, what, where – a comprehensive appointments MY BIOSPHERE – online security training section keeping you abreast of all the movements within the business community. WITH HUGH DAVIDSON MBE programs. 48 Inside your organisation HOW TO BOOST MENTAL HEALTH Who, what, where – a comprehensive appointments section keeping you abreast of all the movements within the business community. Educate employees to recognise LifestyleHELPING YOU MAKE THE MOST OF WORK AND PLAY Lifestyle THE LATEST JOBS NEWS FROM THE 50 ISLE OF MAN BUSINESS COMMUNITY

Board changes at Nedbank Private Wealth Edgewater invests in the future of fi nancial advice Nedbank Private Wealth has announced the appointments of Andrew profession with four new appointments Corlett OBE and Jeremy Wilson as independent non-executive directors. Edgewater, the Isle of Man’s largest independent fi nancial advice fi rm, Andrew has also been appointed as chairman of the board for the has announced the appointment of four new advisers. Samantha Hall Living a full and productive life is all about finding the right company’s trust business, Nedgroup Trust. John Harris, who joined the and Terrence Lundin have been appointed as Financial Consultants Nedbank Private Wealth board last year as a non-executive director, has in the Private Client team, and Emma Keogh and Kyle Crouser as threats and use best practice also joined the board of Nedgroup Trust. Protection Advisers. All four bring a wealth of experience to their Andrew Corlett (pictured) is a non-practising respective roles from diverse backgrounds. English solicitor and Manx advocate and is a Terrence and Samantha in the Private Client team will specialise in past president of the Isle of Man Law Society. o ering holistic advice on investments, pensions, and insurance to He served as chairman and managing director Edgewater’s non-corporate client base. Both Samantha and Terrence of the legal and professional services group are members of the Personal Finance Society and hold the Level 4 Cains from 1998 to June 2018, during which Diploma in Regulated Financial Planning. time the fi rm received the Queen’s Award for TAKING YOUR MONEY ABROAD ON A Terrence left his native South Africa and lived in London for 8 Excellence in International Trade. balance between work and play. Here at B365 we know years before moving to the Island in 2008. His passion – beyond Andrew has served on many Isle of Man government and supranational spending time with his wife, son, and dogs – is providing excellent committees, and his former non-executive directorships include chairman service and helping people to achieve their fi nancial goals. of Barclays Private Clients International, and companies within the HSBC Samantha has been with Edgewater for 6 years and, through her and Swire Groups. Currently, his principal non-executive directorships work ethic and determination, progressed quickly to become a include the global fi duciary group Equiom and Gibbs Technologies. He key member of the team. She is a past recipient of the Glyn Gilbert security policies with effective was awarded an OBE in 2015 for his services to the economy. Award from the Insurance Institute of the Isle of Man for outstanding Jeremy Wilson (pictured) recently retired as vice academic achievement in completing her Level 4 Diploma before chairman of Barclays Corporate with Barclays age 21. Bank PLC. During his 47-year career with Barclays, Emma and Kyle in the Mortgage and Protection team will advise he worked across its major business units and in clients with lending and insurance needs. Between them, Emma and the importance of both. Our new lifestyle section will Australasia, Vanuatu, the United States of America, Kyle have over 20 years’ experience in fi nancial services in Ireland Europe and the UK. As part of his senior executive and South Africa, respectively, and are members of the Personal BUSINESS TRIP – TOP TIPS role for the bank he was, inter alia, chairman of its Finance Society, studying for the Level 4 Diploma in Regulated group credit committee, director of Barclays Bank Financial Planning. Pension Fund Trustees, and chairman of Barclays Kyle moved to the Isle of Man in January 2020 with his wife and Bank Egypt. He has also held several senior positions in the fi nancial two sons, having successfully run his own advice business in South 54 services industry, including chairman of The Bankers Association for Africa. He is a coach at Vagabonds Rugby Club and applies the Finance and Trade (BAFT), chairman of CHAPS, a director of TheCityUK and same commitment o the fi eld in obtaining the right result for his chairman of its audit committee. In addition to his responsibilities beyond clients. Emma joined Edgewater in March 2019 after 7 years in Barclays, he was non-executive chairman of Bloomsbury Publishing PLC. online security training an international bank in Dublin and previously worked as a Client Jeremy is currently chairman of the Whitechapel Think Tank, a forum for Manager and Paraplanner in Edgewater’s Corporate Solutions team. include regular topics covering travel, motoring, property, the public and private sector on distributed ledger technologies; a member She cares deeply about her work and will always ‘go the extra mile’ in of the advisory board of Form3 and chairman of QPQ, both companies achieving the correct result for her clients. apply new technologies to emerging global business models. Jeremy also Commenting on the appointments, Sandra Cardwell, Managing supports the University of Cambridge Institute for Sustainability Leadership. Director of Edgewater, noted: “Much has been made in the press of Living a full and productive life is all about fi nding the right balance between work and play. Both Errol and Stuart said: “We would like to take this opportunity to the age profi le of our profession with one recent survey claiming over Here at B365 we know the importance of both. Our new lifestyle section covers topics thank our two outgoing board members, John Averty and Clive Parrish, 60% of fi nancial advisers plan to retire in the next 10 years. However, who have stepped down as part of the board rotation and succession with three of our new advisers aged under 35, we are pleased to be including travel, motoring, property, health, sport and leisure. programme. Both have played an important role during their membership bucking the trend. I am reassured that the future of fi nancial advice on of the board and we are grateful for their valuable contribution.” the Isle of Man is in safe hands. health and leisure. businessprograms. B365 – bringing a bit of balance into your life! business ARTS COUNCIL ANNUAL STUDENT 55 AWARDS

LAUNDERED UK MONEY COULD BUY Exactly what it says on the tin – news snippets, forthcoming At your perimeter events and information from the business world. 61 THE WHITE HOUSE 1,000 TIMES SecureProtection from inboundoffshore email, archiving phishing, malware and spam attacksAt your whether perimeter in the office, BUSINESS365 IS PRINTED & PUBLISHED BY MANNIN GROUP BRINGING YOU THE BUSINESS Protection from inbound This publication is printed on a Heidelberg SpeedMaster SX74 5 colour lithographic at home or mobile. printing press on carbon balanced paper which is produced at one of the world’s Business365 evolved from Mannin Group’s highly successful, market leading publication, Money phishing, malware and spam most environmentally advanced paper mills ensuring it’s ultra clean and friendly to the Media. The new title embraces and builds on the ethos of its predecessor offering an all-embracing & security awareness environment. attacks whether in the office, look at all sectors of the Isle of Man’s vibrant business community. Business365’s incisive editorial at home or mobile. reflects the Isle of Man’s standing as an international business centre of repute, and its modern, stylish presentation makes the magazine the first choice for industry leaders and professionals. In keeping with its position as the Isle of Man’s premier business publication Business365 enjoys an extensive distribution network. The magazine is delivered by post to all Isle of Man business addresses and is widely available in dispensers at the airport and the sea terminal in Douglas. training services tel: 01624 696565 | mail: [email protected] Should you require further copies of the magazine, please call (01624) 696565.

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Education report must be a turning point

hat’s become clear in recent days which states: Culture is probably the most difficult That the relationship between the Department is just how toxic the relationships managerial issue and yet, in many ways it is and the people at the coal face of the Island’s Wbetween the Department of often the most important determinant of whether education service has been allowed to Education, Sport and Culture and the Island’s an organisation succeeds or not. We noted deteriorate to such a degree is worrying and schools now is. that interactions between the department and perplexing, particularly at a time when young The problems date back well beyond the tenure schools particularly at senior levels are: people face huge external pressures brought on by the Coronavirus pandemic. More than of current Minister, Dr Alex Allinson, who now • Formalised through meetings (with each party ever they need their teachers and the statutory has the unenviable task of restoring trust and doubting their value) nurturing a new working relationship with the education authority to be working in harmony to • Collaboration is variable and, in some teaching unions. best serve their interests. instances, non-existent. The independent report that has been produced The Beaman’s report suggests the • There are no key common values by consultants Beaman’s, at the behest of the establishment of a Manx Education Board, Chief Minister, is – in the words of Howard • Critical behaviours seem to predominate over which would be responsible for delivery of all Quayle – ‘not a nice read.’ collaboration and supportive behaviours primary and secondary education – what it calls a schools led system, not one led by the • Each party highlights instances of what they department. Other governing boards would The poisonous consider to be inappropriate behaviours be accountable to the Manx Education Board, atmosphere was In short, there has been, and continues to be, a which in turn, would be accountable to the long-standing battle of wills particularly between Minister. summed by succinctly the department and secondary school teachers It sounds remarkably similar to the system that as to ‘who’s in charge’. For too long the mindset of in the report’s was abandoned by Tynwald many years ago. senior departmental staff and secondary school executive summary. headteachers has been focused on levels of The Beaman’s report contains many detailed autonomy and control when both parties should recommendations and is a comprehensive It paints a picture of two sides in entrenched have been working together to agree how their document. It offers a possible framework through positions, and a teaching profession that respective roles should complement and support which the Island’s broken system can be repaired. feels undervalued and demoralised by the one another, and not how one party should But it can only work if all sides are prepared to Government Department that administers the exercise control over the other. In our view, this set aside their hostility and start with a new blank Island’s education system. issue is the root cause of the cracked relationship piece of paper. Our children’s education is too The poisonous atmosphere was summed up between the department and schools which we important to be sacrificed on the altar of political succinctly in the report’s executive summary, believe is fractured and must be repaired. arrogance and self-righteous indignation.

ADVERTISING EDITORIAL

Sales: Sarah Ashall Editor: Simon Richardson T: 01624 696556 T: 01624 696590 Business365iom E: [email protected] E: [email protected]

The Business365 team is mainly working from home now because of the Coronavirus epidemic, but we will be keeping readers updated on news and information via our website at www.business365iom.co.uk A comprehensive round-up of the latest business news covering all sectors within the Isle of Man’s diverse and dynamic business environment.

STRIX ACQUIRES LAICA TO ENHANCE ITS POSITION IN THE WATER MARKET Strix Group Plc, the Isle of Man-based leader in the design, manufacture and supply of kettle safety controls, has entered into a conditional agreement to acquire the entire share capital of Italian water purifi cation business LAICA for approximately €19.6m, in a deal led by Zeus Capital.

his is the fi rst acquisition that Strix Similarly to Strix, LAICA has shown strong has made since listing on the London resilience against the adverse headwinds TStock Exchange’s AIM market in 2017, created by the global pandemic and has seen and represents the fi rm’s fi rst cross border signifi cant demand for its products given its transaction. focus on health and wellness markets. Strix expects that LAICA’s strong track record of Following completion, the acquisition will organic growth and cash generation will expand Strix’s water category, enhance its continue. presence in the health and wellness market and enable Strix to capitalise on the double-digit LAICA has a considerable global presence, an growth of global sales (in 2019) for both the established product range and an advanced The acquisition is expected to be up to mid- small domestic appliance and water markets, new product roadmap. The acquisition will single digit earnings enhancing, in the fi rst full driven by increased consumer demand. also provide some consolidation of the water year of ownership, before the benefi t of any treatment range, driving effi ciencies and LAICA is an Italian company focussed on the synergies. providing a comprehensive portfolio of products sale of small household appliances for personal for Strix Group Plc. Mark Bartlett, CEO of Strix Group Plc, told health and wellness. In the 12 months ending B365: “We are very pleased to enter into this 31 December 2019, LAICA generated revenue agreement to acquire LAICA, which will be our of €20.4m, Adjusted EBITDA of €2.9m and largest acquisition to date. LAICA continues Adjusted Profi t Before Tax of €2.6m. our strategy of growing our small domestic appliance (SDA) and water categories which support Strix’s core competencies. We are acquiring LAICA, which has a long-established track record of supplying high quality products, at a time when it is well-positioned to exploit a range of growth opportunities. We look forward to welcoming the business and all its employees to Strix.” A team at Zeus Capital comprising Jordan Warburton, Nick Cowles and Matt Hogg acted as nominated adviser and joint broker on the transaction. Jordan Warburton, Director of Corporate Finance at Zeus Capital, added: “It has been a pleasure advising Strix on its fi rst major acquisition, which further strengthens its position in the Water market. Zeus has supported Strix over the past twelve months to navigate through the complexities of a cross border deal during the time of a global pandemic. We wish Strix and LAICA every success for the future.”

| 5 FLOATATION BED

t the time, this represented the very apex of human technology, We take a multidisciplinary systems-based approach to identify precisely however, there is a similar, and growing, technologically-driven what you need so that the therapy you receive is completely individual to Apublic health crisis in our lives threatening to break out into a full- you. blown epidemic. All our treatments are naturally derived, non-invasive, gentle, safe and Our brains evolved to communicate with language approximately 1,400 clinically proven and suitable for virtually anybody. generations ago. Computer technology has completely and radically We consult and treat in beautiful, calming and private surroundings in the revolutionised every aspect of our lives only within the previous two centre of Douglas and only ever see one person at a time so that your Therafloat was founded in August 2020 on the Island by wife and husband generations. Put simply, this change has been too fast to develop confidentiality is completely assured. Naturally, we use hospital-grade Our aim was therefore to re-train her brain into producing the correct amount of hormone naturally. the neurological mechanisms or habits for us to adapt in a healthy or policies and procedures to guard against Covid-19. team Amy and Kamran. They wanted to bring the latest techniques used in sustainable way. We designed a programme by which she received naturally-derived the world’s best hospitals and neuroscience research labs to people who Currently, Therafloat uses science to deliver the proven benefits of supplements on a daily basis and restructured the times at which she was wouldn’t ordinarily access them. The resulting demands from twenty-four hour work and home environments meditation to your brain by utilising dry-float technology in which you are exercising. We also supplied a juice shot for each evening with naturally have affected our sleep, diet, mood, energy levels, focus, creativity and suspended and enveloped in three hundred litres of water warmed to your Before moving to the Island, Amy had completed a rotation as high levels of the deficient hormone. We even changed the lenses in the even our interpersonal relationships. Most of us have adapted to a new body temperature. a neurology research nurse before running one of the busiest normal of feeling overwhelmed or anxious or tired without being able to sunglasses that she wore to drive to work. Within two days her sleep quality Neurosurgical units in the UK as a Neurosurgical Sister. She had earlier This works in a similar way to a sensory deprivation tank in freeing you identify exactly why. In fact, recent studies have shown that most people are had greatly improved. Within four days her energy and mood levels had served as a Combat Medical Technician in the British Armed Forces from muscular tension and stress and encouraging your brainwaves to not even aware that their brain function is sub-optimal on a daily basis let also seen a significant improvement. before retiring with a significant back injury. switch to a meditative and more powerful, efficient, creative and restorative alone where they could go for help to correct this. Result:- a more energised and productive (if somewhat baffled!) professional “Theta state”. Unlike a wet-floatation tank, however, you are separated Kamran completed his Master’s Degree at Churchill College, University who was able to power through tasks at work yet returned home to spend from the water by a thin membrane which means that the therapy can be of Cambridge in Neuroscience research examining how brains formed more quality time with her family. Her feedback was that “I just don’t get it. It When was the last time you were delivered without the need to get wet or even to remove clothes. This in various animal models. He then qualified as a Medical Doctor at the has to be black magic. Got to be”. setting is convenient enough to fit into your workday or family day and the University of Manchester before working as an Academic Registrar in truly firing on all cylinders? resulting benefits in concentration, energy and focus thereafter have been We firmly believe that there is no better investment you can make in Neurosurgery on call for the Greater Manchester region during which time well documented in some of the highest quality research trials produced. yourself or somebody that you care about. he completed his PhD in stroke research in which he is a multiply-published People have been encouraged to spend ever-increasing resources to Elite athletes such as Carl Lewis, arguably the greatest Olympian of all time, author in numerous clinical and neuroscience journals. Currently, he works medicate themselves with fast food, alcohol, prescription drugs or social have regularly used floatation technology to improve their performance and as a Specialist Doctor in Psychiatry at Nobles Hospital. media in order to cope. All available at the click of a button through ever- speed recovery from injury. Both founders believe a huge opportunity exists to improve access to faster phones or tablets and all making the problem worse. Our aim is to extend this neuroscience technology to help as many people the latest Mental Health techniques so that, individually, people are able More pipes, more lead. as we can. Without drugs. Or side effects. Or the costs of using failed to work at the very peak of their powers. Are you able to remember the last time that you were truly firing on all expensive treatments targeted at the wrong area. Currently, the main barrier to this is one of culture and in switching cylinders? What difference would it make to your life if you were able to feel For example, one of our recent consultations involved a UK Hospital from a medical illness model of treating only the sickest in society to a like that every day? How much better would you perform at work? What Consultant who was struggling with low energy levels. This was affecting healthy preventative model in which everyone is able to carefully and more could you accomplish in your private time? How would it affect the her performance at work and the quality of interactions with her partner and deliberately invest in themselves to improve their health, their lives, and quality of time that you spent with your loved ones? children, which, in turn, was negatively affecting her mood. Since medical those of the people they love. If you are interested in finding out, Therafloat could help you find the answer. investigations had failed to show any signs of disease, no treatment was Therafloat has already been overwhelmed with the huge amount Therafloat is a unique neuroscience-based health startup located in the Isle available to her and therefore her problems continued to compound and of interest and positivity shown in the startup and plans to take of Man and, soon, in the rest of the UK. worsen. the message to as many people as possible. If you feel that this At Therafloat, we believe in using the latest research and cutting-edge After completing a comprehensive consultation with us, we were able to revolutionary therapy could help you or someone that you know, or in technology to restore, enhance and boost your mental health, rather determine that her low energy levels were primarily due to poor sleep order arrange a meeting to explore things further, then please email than detract from it, in order to optimise your cognitive performance, quality which itself had been impacted by the production of a specific [email protected] with your contact details now and we will return the supercharge your mood, boost your energy and free your true potential. hormone produced within the brain. THE WIFE AND HUSBAND TEAM OF THERAFLOAT, AMY AND KAMRAN. contact shortly.

6 | FLOATATION BED

Together, we “Therafloat uses science to deliver the proven benefits of meditation to your brain by utilising dry-float technology in which you are suspended can help your and enveloped in three hundred litres of water brain realise warmed to your body temperature” THERAFLOAT its dreams. NEURO SPA Famously, it was thought that one of the reasons the Roman Empire collapsed was because they were slowly driven mad by the presence of the new lead-lining in their pipes and waterways. t the time, this represented the very apex of human technology, We take a multidisciplinary systems-based approach to identify precisely however, there is a similar, and growing, technologically-driven what you need so that the therapy you receive is completely individual to Apublic health crisis in our lives threatening to break out into a full- you. blown epidemic. All our treatments are naturally derived, non-invasive, gentle, safe and Our brains evolved to communicate with language approximately 1,400 clinically proven and suitable for virtually anybody. generations ago. Computer technology has completely and radically We consult and treat in beautiful, calming and private surroundings in the revolutionised every aspect of our lives only within the previous two centre of Douglas and only ever see one person at a time so that your Therafloat was founded in August 2020 on the Island by wife and husband generations. Put simply, this change has been too fast to develop confidentiality is completely assured. Naturally, we use hospital-grade Our aim was therefore to re-train her brain into producing the correct amount of hormone naturally. the neurological mechanisms or habits for us to adapt in a healthy or policies and procedures to guard against Covid-19. team Amy and Kamran. They wanted to bring the latest techniques used in sustainable way. We designed a programme by which she received naturally-derived the world’s best hospitals and neuroscience research labs to people who Currently, Therafloat uses science to deliver the proven benefits of supplements on a daily basis and restructured the times at which she was wouldn’t ordinarily access them. The resulting demands from twenty-four hour work and home environments meditation to your brain by utilising dry-float technology in which you are exercising. We also supplied a juice shot for each evening with naturally have affected our sleep, diet, mood, energy levels, focus, creativity and suspended and enveloped in three hundred litres of water warmed to your Before moving to the Island, Amy had completed a rotation as high levels of the deficient hormone. We even changed the lenses in the even our interpersonal relationships. Most of us have adapted to a new body temperature. a neurology research nurse before running one of the busiest normal of feeling overwhelmed or anxious or tired without being able to sunglasses that she wore to drive to work. Within two days her sleep quality Neurosurgical units in the UK as a Neurosurgical Sister. She had earlier This works in a similar way to a sensory deprivation tank in freeing you identify exactly why. In fact, recent studies have shown that most people are had greatly improved. Within four days her energy and mood levels had served as a Combat Medical Technician in the British Armed Forces from muscular tension and stress and encouraging your brainwaves to not even aware that their brain function is sub-optimal on a daily basis let also seen a significant improvement. before retiring with a significant back injury. switch to a meditative and more powerful, efficient, creative and restorative alone where they could go for help to correct this. Result:- a more energised and productive (if somewhat baffled!) professional “Theta state”. Unlike a wet-floatation tank, however, you are separated Kamran completed his Master’s Degree at Churchill College, University who was able to power through tasks at work yet returned home to spend from the water by a thin membrane which means that the therapy can be of Cambridge in Neuroscience research examining how brains formed more quality time with her family. Her feedback was that “I just don’t get it. It When was the last time you were delivered without the need to get wet or even to remove clothes. This in various animal models. He then qualified as a Medical Doctor at the has to be black magic. Got to be”. setting is convenient enough to fit into your workday or family day and the University of Manchester before working as an Academic Registrar in truly firing on all cylinders? resulting benefits in concentration, energy and focus thereafter have been We firmly believe that there is no better investment you can make in Neurosurgery on call for the Greater Manchester region during which time well documented in some of the highest quality research trials produced. yourself or somebody that you care about. he completed his PhD in stroke research in which he is a multiply-published People have been encouraged to spend ever-increasing resources to Elite athletes such as Carl Lewis, arguably the greatest Olympian of all time, author in numerous clinical and neuroscience journals. Currently, he works medicate themselves with fast food, alcohol, prescription drugs or social have regularly used floatation technology to improve their performance and as a Specialist Doctor in Psychiatry at Nobles Hospital. media in order to cope. All available at the click of a button through ever- speed recovery from injury. Both founders believe a huge opportunity exists to improve access to faster phones or tablets and all making the problem worse. Our aim is to extend this neuroscience technology to help as many people the latest Mental Health techniques so that, individually, people are able More pipes, more lead. as we can. Without drugs. Or side effects. Or the costs of using failed to work at the very peak of their powers. Are you able to remember the last time that you were truly firing on all expensive treatments targeted at the wrong area. Currently, the main barrier to this is one of culture and in switching cylinders? What difference would it make to your life if you were able to feel For example, one of our recent consultations involved a UK Hospital from a medical illness model of treating only the sickest in society to a like that every day? How much better would you perform at work? What Consultant who was struggling with low energy levels. This was affecting healthy preventative model in which everyone is able to carefully and more could you accomplish in your private time? How would it affect the her performance at work and the quality of interactions with her partner and deliberately invest in themselves to improve their health, their lives, and quality of time that you spent with your loved ones? children, which, in turn, was negatively affecting her mood. Since medical those of the people they love. If you are interested in finding out, Therafloat could help you find the answer. investigations had failed to show any signs of disease, no treatment was Therafloat has already been overwhelmed with the huge amount Therafloat is a unique neuroscience-based health startup located in the Isle available to her and therefore her problems continued to compound and of interest and positivity shown in the startup and plans to take of Man and, soon, in the rest of the UK. worsen. the message to as many people as possible. If you feel that this At Therafloat, we believe in using the latest research and cutting-edge After completing a comprehensive consultation with us, we were able to revolutionary therapy could help you or someone that you know, or in technology to restore, enhance and boost your mental health, rather determine that her low energy levels were primarily due to poor sleep order arrange a meeting to explore things further, then please email than detract from it, in order to optimise your cognitive performance, quality which itself had been impacted by the production of a specific [email protected] with your contact details now and we will return the supercharge your mood, boost your energy and free your true potential. hormone produced within the brain. THE WIFE AND HUSBAND TEAM OF THERAFLOAT, AMY AND KAMRAN. contact shortly.

| 7 Boston Multi Family Offi ce announces acquisition of IQE Boston Multi Family Oﬃ ce has announced the acquisition of the international fi duciary services business IQE.

he move is part of Boston’s long-term growth strategy in the fi duciary services market and is the fi rst Tacquisition made since the management buyout in October 2019. The new structure will see IQE staff transfer to Boston with IQE Directors David Karran, Moira McHarrie and Anne Couper Woods joining Katherine Ellis, Alex McNee and Sarah Ingrassia on the Boston board. Commenting on the deal, Boston CEO Katherine Ellis told B365: “It was clear that Boston and IQE shared very similar values and that the businesses were a very good strategic fi t that would help drive our plans for the future. As well as strengthening our expertise and broadening our client base, the acquisition will also enable us to off er additional services such as sponsoring securities for The International Stock Exchange. These will benefi t our existing clients and provide a pathway to new markets and opportunities.” David Karran, IQE Managing Director IQE Managing Director David Karran added: “As a business, IQE has always operated under the guiding principles of integrity, quality and expertise, and we have a very similar ethical and customer-focused approach as Boston. It makes sense to join forces, combining knowledge and skills to provide our internationally diverse and entrepreneurial clients with a strong and resilient future, and an increased range of solutions to meet their evolving needs.” The acquisition is supported by a group of high net worth investors via Rockpool Investments LLP, the investor company behind the management buyout last year. Guy Ellis, Investment Director of Rockpool, said: “We are delighted with this development that marks another new chapter for Boston as it builds on the strategic plan launched last year. We believe this will be the fi rst of a number of select acquisitions that will see the Boston team continue to build their client focused approach in the market.” One of the Isle of Man’s highest profi le trust and fi duciary businesses, Boston Multi Family Offi ce was founded in 2002 as a single family offi ce and was held privately until 2019. The company provides boutique administration services from offi ces in the Isle of Man, Malta, and the Dubai International Financial Centre (DIFC). The company will remain headquartered in the Isle of Man with IQE staff relocating to Boston’s offi ces on Hill Street, Douglas. Katherine Ellis, Boston CEO The acquisition is subject to regulatory approval.

RAVENSCROFT COMPLETES ACQUISITION OF WH IRELAND (IOM) LIMITED Ravenscroft’s acquisition of WH Ireland (IOM) Limited has been completed following approval from the Isle of Man Financial Services Authority.

he acquisition by Ravenscroft Holdings Limited, the parent of continue to be headed up by directors Will Corrin and David Bushe, the investment services company, of 100% of the issued share will remain at St George’s Tower in Hope Street. capital of WH Ireland (IOM) Limited means Ravenscroft now has T ‘Since the news was announced we have been working closely a presence in the Isle of Man for the fi rst time with all six of WH Ireland’s with our new colleagues at Ravenscroft’s head offi ce in Guernsey to staff in the island moving across. ensure that the service we provide our clients is unaff ected. Our new ‘Having an experienced and enthusiastic team on the ground, as computers and phone systems are set up, we have been liaising we now have in the Isle of Man, will be key to our success. Our new with the investment teams to discuss integration of our investment colleagues share our commitment to client service and we are excited approaches, and working with the marketing team on a launch about growing our client base, expanding our off ering and becoming campaign, which will include advertising and community support. It part of the local community,’ said Ravenscroft group managing director has been a busy but exciting time,’ said Mr Corrin. Mark Bousfi eld. Mr Bushe added: ‘It’s been fantastic to see how enthusiastic ‘We want to thank the Isle of Man Financial Services Authority for its Ravenscroft is about having a presence in the Isle of the Man for proactiveness. Their support and the positive response we have had the fi rst time and we are all delighted to be part of the group, which from clients and the wider business community has been very welcome.’ has £7.45bn of assets under administration and more than 120 With immediate eff ect, the company name will be Ravenscroft (IOM) employees across offi ces in Guernsey, Jersey, the UK and the Isle Limited but will trade as Ravenscroft. The entire team, who will of Man.’

8 | Boston Multi Family Offi ce announces acquisition of IQE Boston Multi Family Oﬃ ce has announced the acquisition of the international fi duciary services APPLEBY ADVISES business IQE. MONUMENT RE ON he move is part of Boston’s long-term growth strategy in the fi duciary services market and is the fi rst Tacquisition made since the management buyout in October 2019. ITS ACQUISITION OF The new structure will see IQE staff transfer to Boston with IQE Directors David Karran, Moira McHarrie and Anne Couper Woods joining Katherine Ellis, Alex McNee and Sarah Ingrassia on the Boston board. CHARLES TAYLOR’S

Commenting on the deal, Boston CEO Katherine Ellis told B365: “It was clear that Boston and IQE shared Jo Dugdale, Managing Director of Chartwell Financial Planners very similar values and that the businesses were a very good strategic fi t that would help drive our plans for ISLE OF MAN the future. As well as strengthening our expertise and broadening our client base, the acquisition will also enable us to off er additional services such as sponsoring securities for The International Stock Exchange. OPERATIONS These will benefi t our existing clients and provide a pathway to new markets and opportunities.” Oﬀ shore law fi rm Appleby is advising David Karran, IQE Managing Director IQE Managing Director David Karran added: “As a business, IQE has always operated under the guiding Is your fi nancial Monument Re Limited on its acquisition of principles of integrity, quality and expertise, and we have a very similar ethical and customer-focused Charles Taylor Group’s Isle of Man operations, approach as Boston. It makes sense to join forces, combining knowledge and skills to provide our which principally comprise its life insurance internationally diverse and entrepreneurial clients with a strong and resilient future, and an increased range of solutions to meet their evolving needs.” company, LCL International Life Assurance Company Limited, and Charles Taylor Holdings The acquisition is supported by a group of high net worth investors via Rockpool Investments LLP, the future secure? (IOM) Limited. investor company behind the management buyout last year. Guy Ellis, Investment Director of Rockpool, said: “We are delighted with this development that marks another new chapter for Boston as it builds on Isle of Man residents who hold UK-approved personal pensions Monument Re Limited is a life reinsurance and insurance the strategic plan launched last year. We believe this will be the fi rst of a number of select acquisitions that could be impacted after it was confi rmed the minimum age for holding company with a presence in Bermuda, Ireland, will see the Boston team continue to build their client focused approach in the market.” drawing a personal pension in the UK is to rise. Belgium, Luxembourg, the Netherlands and Guernsey, One of the Isle of Man’s highest profi le trust and fi duciary businesses, Boston Multi Family Offi ce was with branches in Spain, Italy, France and Germany. It Savers who pay into a personal pension, either directly or through their workplace, can founded in 2002 as a single family offi ce and was held privately until 2019. The company provides operates as a reinsurer and acquirer of European asset- currently access their money aged 55, but that is due to increase to 57 in 2028 as a boutique administration services from offi ces in the Isle of Man, Malta, and the Dubai International Financial intensive portfolios. result of increased life expectancy. Centre (DIFC). The company will remain headquartered in the Isle of Man with IQE staff relocating to Charles Taylor is a global provider of professional Boston’s offi ces on Hill Street, Douglas. A leading Island practice is now encouraging residents, unsure how they could services and technology solutions, which employs Katherine Ellis, Boston CEO The acquisition is subject to regulatory approval. potentially be aff ected, to seek advice. approximately 3,000 staff in more than 120 locations Managing Director of Chartwell Financial Planners, Jo Dugdale, explained: ‘Although across 30 countries. this has not yet been brought into law, the fact there are proposals for this legislation The deal, is subject to customary closing conditions, means it’s important people are prepared for this change as some individuals will have including receipt of regulatory approvals. to revisit or adjust their retirement income plans. RAVENSCROFT COMPLETES ACQUISITION Appleby’s corporate and insurance team is being led by Garry Manley and also includes Michelle Brook, OF WH IRELAND (IOM) LIMITED It's important people are prepared for this Sophie Corkish, Jennifer Vernon-Browne and Ruby Roberts. They are being assisted in the Isle of Man Ravenscroft’s acquisition of WH Ireland (IOM) Limited has been completed following change as some individuals will have to revisit or by Caren Pegg (employment), Claire Milne (intellectual property), Juan Thornley (pensions), Katherine Johnson approval from the Isle of Man Financial Services Authority. adjust their retirement income plans. (data protection) and Sophia Howell-Evans (regulatory). Andrew Weaver and Daniel Healy are advising on he acquisition by Ravenscroft Holdings Limited, the parent of continue to be headed up by directors Will Corrin and David Bushe, ‘This announcement will particularly impact on those who are due to reach their 55th the investment services company, of 100% of the issued share Jersey law matters. will remain at St George’s Tower in Hope Street. birthday just after the cut off , sometime in 2028, so fortunately is well in advance to give capital of WH Ireland (IOM) Limited means Ravenscroft now has T ‘Since the news was announced we have been working closely those savers plenty of time, as well as allow people without one to make their own Garry Manley told B365: “We are delighted to be a presence in the Isle of Man for the fi rst time with all six of WH Ireland’s with our new colleagues at Ravenscroft’s head offi ce in Guernsey to fi nancial plan.’ working with Monument Re on its fi rst Isle of Man staff in the island moving across. ensure that the service we provide our clients is unaff ected. Our new acquisition. This is a landmark transaction, which This change may aff ect Isle of Man residents who hold UK-approved personal pensions ‘Having an experienced and enthusiastic team on the ground, as computers and phone systems are set up, we have been liaising underlines Appleby’s position as the pre-eminent fi rm for if they were previously resident in the UK or if they are a member of an employer we now have in the Isle of Man, will be key to our success. Our new with the investment teams to discuss integration of our investment acquisitions of Isle of Man insurers, and we look forward scheme on the Island which is a UK-approved scheme. UK tax rules can apply after a UK colleagues share our commitment to client service and we are excited approaches, and working with the marketing team on a launch to working with all parties to ensure a smooth closing.” about growing our client base, expanding our off ering and becoming personal pension has been transferred to the Island, regardless of how long you have campaign, which will include advertising and community support. It Appleby is working closely with Travers Smith, which is part of the local community,’ said Ravenscroft group managing director been a non-resident. has been a busy but exciting time,’ said Mr Corrin. acting as English counsel to Monument Re Limited. Mark Bousfi eld. Jo continued: ‘Seeking advice on pensions is often left until retirement age but there can Mr Bushe added: ‘It’s been fantastic to see how enthusiastic be signifi cant benefi ts to getting advice early, especially if you are an Island resident with Appleby’s Merger & Acquisitions Team regularly works ‘We want to thank the Isle of Man Financial Services Authority for its Ravenscroft is about having a presence in the Isle of the Man for with FTSE 100 and Fortune 500 companies around proactiveness. Their support and the positive response we have had the fi rst time and we are all delighted to be part of the group, which a UK-approved personal pension. While the change in 2028 seems some time away, the globe to help them deploy strategic growth and from clients and the wider business community has been very welcome.’ has £7.45bn of assets under administration and more than 120 now is the time to understand if and how this will impact on your retirement planning. restructuring initiatives, whether involving single With immediate eff ect, the company name will be Ravenscroft (IOM) employees across offi ces in Guernsey, Jersey, the UK and the Isle ‘Our team is on hand to meet and provide independent fi nancial advice to anyone who jurisdictions or complex multi-jurisdictional, multi- Limited but will trade as Ravenscroft. The entire team, who will of Man.’ requires it and put in place a plan to reach theright decisions to build and protect your disciplinary transactions. wealth over time. Financial wellbeing is imperative.’

| 9 A PERSONAL APPROACH TO

ince our acquisition and restructure surpassed more than £2 billion of assets under The benefit of initially focusing on the yachting sector was that Affinity quickly developed relationships with clients who demanded attention to detail and excellent Affinity Goup has enjoyed a period of administration. service. The company quickly recognised that meeting client expectations was key to retaining business. unprecedented growth. S In addition to growing the client portfolio, we have As a result, many clients from 2004 are still with us today and have gone on to do other work with Affinity in different sectors, including aviation, commercial and It’s thanks to our people that we have been able to made Affinity an employer of choice by cultivating a residential property, trust and general corporate services. prosper – not least during the challenging times we friendly working environment where staff are trusted have all experienced in 2020. and empowered. While competitors relied upon business acquisitions as a primary form of growth in recent years, Affinity have focused on healthy organic growth through referrals from a network of trusted intermediaries and existing clients. The company’s focus has always been on providing excellent service and delivering results. Affinity Management Services - as we were once The key to this has been communication; briefing our known - is now Affinity Group. This change is one of team properly on the Group’s targets and objectives a number small differences we’ve made to put our as well as helping staff to meet their own personal team front and centre of what we do. objectives however big or small. AFFINITY GROUP’S BESPOKE, HANDS-ON SUPPORT Thanks to our close-knit team, we’re able to provide Since the acquisition, we have implemented a new clients with a highly personal service, dedicated to management structure, a fresh logo and a nice new Group Director Chris Stewart said the Affinity Group team works closely with clients to provide a service tailored to their individual needs and that’s what sets Affinity website, where we highlight the tremendous work their individual needs. Group apart. done by our staff and tell people a little more about us. Chris said: “As soon as I joined Affinity in November 2017, I felt that this was an aptly named company. We’ve come a long way since our company was formed in 2004. We now have a team of more than This fresh approach will make sure our valued clients “What has driven and still drives the business is the close relationship that we develop with the client from the 30 people in Isle of Man and Malta, with plans for a see what a great job we do and why it’s a pleasure to outset. base in the Cayman Islands well under way. work with us. “Their requirements remain at the very heart of what we do. Unlike larger companies in the sector, we strive for a We have made Having built our name within the yachting sector, The company has gone from strength to strength as bespoke and personal service. We aim for a very hands-on approach with this ethos stretching from the directors Affinity now handles a wide range of corporate and we have made these changes and I have never been down to the administrators - we care. prouder of our team. Affinity an fiduciary clients across various industries and is a “We feel that this philosophy is borne out by the number of repeat and referred clients that we obtain. As Affinity leading CSP in the Gaming/FinTech sector. employer of Our success has been amplified by this new drive to continues to expand, we will maintain this hands-on approach through additional recruitment and training of our Despite this success in new sectors, Yachting remains put the team at the forefront of the company’s image staff. It’s an exciting time to be part of the Affinity team and I for one, am looking forward to seeing what the future choice. an integral part of what we do and we recently - their talent and abilities are our biggest asset. brings.”

GROWING FROM STRENGTH TO STRENGTH Affinity Group now supports clients in a wide range of sectors, providing expertise and advice through many services, including: Group Director Alex Gardner said Affinity Group had taken the opportunity to emphasise the company’s personal approach to Corporate and Trust services. She said: “Through our close-knit team we’re able to provide clients with a highly personal service, dedicated • Aviation • FinTech to their individual needs and that’s what sets Affinity Group apart. • Commercial • Relocation “To reflect this approach, we’ve undergone a bit of a brand makeover. We have a new name, a new logo, a revamped website and there’s plenty more exciting updates to come as we prepare for what’s sure to be a property services busy remainder of 2020. • Company • Resident and “Working with such a strong likeminded leadership team enables us to support growth in all jurisdictions and Call: + 44 (0) 1624 670583 incorporation and citizenship sectors while the dedication and experience of our team allows us to continue offering a personable client experience. Email: [email protected] administration • Trust services “We are driving the Group from strength to strength and I personally look forward to being a big part of • eGaming Affinity’s bright future. Having started from humble beginnings we are now taking the Group to the next level of www.affinityco.com • Yachting growth and expansion.” Affinity (Isle of Man) Limited is licensed by the Financial Services Authority • eSports A PERSONAL APPROACH TO

CORPORATE AND TRUST SERVICES BUILDING RELATIONSHIPS FOR 16 YEARS With a history dating back to 2004, Affinity Group has built a reputation as a leading Corporate Service Provider on the island. In 2019, Affinity underwent a management restructure, rebrand Affinity Group’s heritage goes back to the company’s formation in the Isle of Man in 2004. and cemented its ambition to put the organisation’s people at the heart of everything they do. At that time, the focus was on yachting clients following the success of the newly formed So far, it’s been a huge success, as Chief Executive Andrew Morgan explains... superyacht register in the Isle of Man. ince our acquisition and restructure surpassed more than £2 billion of assets under The benefit of initially focusing on the yachting sector was that Affinity quickly developed relationships with clients who demanded attention to detail and excellent Affinity Goup has enjoyed a period of administration. service. The company quickly recognised that meeting client expectations was key to retaining business. unprecedented growth. S In addition to growing the client portfolio, we have As a result, many clients from 2004 are still with us today and have gone on to do other work with Affinity in different sectors, including aviation, commercial and It’s thanks to our people that we have been able to made Affinity an employer of choice by cultivating a residential property, trust and general corporate services. prosper – not least during the challenging times we friendly working environment where staff are trusted have all experienced in 2020. and empowered. While competitors relied upon business acquisitions as a primary form of growth in recent years, Affinity have focused on healthy organic growth through referrals from a network of trusted intermediaries and existing clients. The company’s focus has always been on providing excellent service and delivering results. Affinity Management Services - as we were once The key to this has been communication; briefing our known - is now Affinity Group. This change is one of team properly on the Group’s targets and objectives a number small differences we’ve made to put our as well as helping staff to meet their own personal team front and centre of what we do. objectives however big or small. AFFINITY GROUP’S BESPOKE, HANDS-ON SUPPORT Thanks to our close-knit team, we’re able to provide Since the acquisition, we have implemented a new clients with a highly personal service, dedicated to management structure, a fresh logo and a nice new Group Director Chris Stewart said the Affinity Group team works closely with clients to provide a service tailored to their individual needs and that’s what sets Affinity website, where we highlight the tremendous work their individual needs. Group apart. done by our staff and tell people a little more about us. Chris said: “As soon as I joined Affinity in November 2017, I felt that this was an aptly named company. We’ve come a long way since our company was formed in 2004. We now have a team of more than This fresh approach will make sure our valued clients “What has driven and still drives the business is the close relationship that we develop with the client from the 30 people in Isle of Man and Malta, with plans for a see what a great job we do and why it’s a pleasure to outset. base in the Cayman Islands well under way. work with us. “Their requirements remain at the very heart of what we do. Unlike larger companies in the sector, we strive for a We have made Having built our name within the yachting sector, The company has gone from strength to strength as bespoke and personal service. We aim for a very hands-on approach with this ethos stretching from the directors Affinity now handles a wide range of corporate and we have made these changes and I have never been down to the administrators - we care. prouder of our team. Affinity an fiduciary clients across various industries and is a “We feel that this philosophy is borne out by the number of repeat and referred clients that we obtain. As Affinity leading CSP in the Gaming/FinTech sector. employer of Our success has been amplified by this new drive to continues to expand, we will maintain this hands-on approach through additional recruitment and training of our Despite this success in new sectors, Yachting remains put the team at the forefront of the company’s image staff. It’s an exciting time to be part of the Affinity team and I for one, am looking forward to seeing what the future choice. an integral part of what we do and we recently - their talent and abilities are our biggest asset. brings.”

MMC focuses on global fi nance and tech sectors Specialist content, comms and PR agency invests in rebrand to support international growth MMC, a specialist international content, communications and PR agency, has created a new brand identity as part of its investment in a growth strategy focused on A report has been released by the Isle of Man Government the fi nance and technology sectors. on the progress which has been made in relation to tackling The Douglas-based agency works with respected and well-known international brands based money laundering and combatting the fi nancing of terrorism. both on and off -Island, including Continent Its publication follows a series of recommendations presented in 2016 by MONEYVAL, 8 Technologies, Options UK, Quilter the Council of Europe body with responsibility for assessing compliance with international International, Zurich International, and Virtual Live fi nancial standards. Racing. A new brand and www.mmc.co.im website The report highlights that, by adopting the recommendations made by MONEYVAL, the Isle of have been created as part of the brand identity Man has succeeded in making signifi cant progress, underpinned by substantial Government project which is designed to align the business investment into fi nancial intelligence, asset recovery and fi nancial crime investigation. more closely to markets that are being targeted for future growth, says Founding Managing Director, The creation of the International Co-operation and Asset Recovery Team is regarded as Craig Wolstencroft. He said: “We are an agency one important development, with some notable results achieved since it was established in that’s focused on helping fi nance and technology December 2016. sector brands engage with audiences across owned, More than £24 million has been recovered since January 2019 - including confi scation earned and paid for media. We live in a very noisy, ordersFINANCIAL in respect of domestic off ences - which has allowed the repatriation of proceeds of highly competitive digital world where consumers crime to other countries and enabled compensation payments to victims. can be exposed to up to 10,000 brands every The largest single case resulted from a request for assistance from another jurisdiction to day. It’s an era of peak content where we are all register and enforce a confi scation order made in that country. overwhelmed by information, so it’s more important A total of £17,904,384 wasCRIME identifi ed as being the proceeds of crime and recovered from a than ever for brands to cut through the noise.” local fi nancial institution. MMC’s decision to focus on the fi nance and The criminal activity which resulted in the confi scation order - and the subsequent criminal technology brands, he added, is based on prosecutions and convictions – took place entirely within the country making the request. opportunities that have been created by many years The confi scated money was made the subject of an asset-sharing agreement between the of working with multi-jurisdictional and cross-border Isle of Man and the requesting jurisdiction. international clients in those sectors. “We have seen fi rst-hand how those verticals have merged to create Chief Minister Howard Quayle MHK told B365: ‘As an international fi nance centre the Isle of a vibrant fi ntech industry. The market is growing at an Man Government takes seriously its responsibilities to the global community, ensuring that astonishing CAGR of 24.8% with experts predicting the Island defends itself against fi nancial abuse and pursues those who seek to commit it will be worth £300billion by 2022. That creates such crimes. tremendous opportunities for an international agency ‘The progress made in this area has been signifi cant and our law enforcement and with our wealth of experience and expertise, so regulators will continue to focus their eff orts on protecting the Island from being used to the time was right to invest in a new brand identity hide or launder the proceeds of crime. to refl ect where we are now, and create a strong ‘How people gain money from illicit activities continues to be a constantly-evolving platform to support our ambitions for growth.” situation, with the pandemic providing further and increased opportunities for criminals MMC off ers customer-focused content, communications worldwide. Cases of fraud have increased globally in 2020, but the Island is well-prepared and PR services that enable clients to gain a to defend itself and take action against those aiming to profi t from illegal enterprises.’ competitive advantage, including content strategy, The report is available to view and download online at creation, and promotion. To fi nd out more about https://www.gov.im/media/1370349/moneyval-review-report-2020.pdf MMC go to www.mmc.co.im or follow the agency on its Facebook, LinkedIn, Twitter and Instagram channels.

12 | REPORT REFLECTS ISLE OF MAN’S PROGRESS IN TACKLING

Our Isle of Man office MMC focuses on is now open. global fi nance and tech sectors Specialist content, comms and PR agency invests in rebrand to support international growth MMC, a specialist international content, communications and PR agency, has created a new brand identity as part of its investment in a growth strategy focused on A report has been released by the Isle of Man Government the fi nance and technology sectors. on the progress which has been made in relation to tackling The Douglas-based agency works with respected and well-known international brands based money laundering and combatting the fi nancing of terrorism. both on and off -Island, including Continent Its publication follows a series of recommendations presented in 2016 by MONEYVAL, 8 Technologies, Options UK, Quilter the Council of Europe body with responsibility for assessing compliance with international International, Zurich International, and Virtual Live fi nancial standards. Racing. A new brand and www.mmc.co.im website The report highlights that, by adopting the recommendations made by MONEYVAL, the Isle of have been created as part of the brand identity Man has succeeded in making signifi cant progress, underpinned by substantial Government project which is designed to align the business investment into fi nancial intelligence, asset recovery and fi nancial crime investigation. more closely to markets that are being targeted for future growth, says Founding Managing Director, The creation of the International Co-operation and Asset Recovery Team is regarded as Craig Wolstencroft. He said: “We are an agency one important development, with some notable results achieved since it was established in that’s focused on helping fi nance and technology December 2016. sector brands engage with audiences across owned, More than £24 million has been recovered since January 2019 - including confi scation earned and paid for media. We live in a very noisy, ordersFINANCIAL in respect of domestic off ences - which has allowed the repatriation of proceeds of highly competitive digital world where consumers crime to other countries and enabled compensation payments to victims. can be exposed to up to 10,000 brands every The largest single case resulted from a request for assistance from another jurisdiction to day. It’s an era of peak content where we are all Our Isle of Man office is now open. register and enforce a confi scation order made in that country. overwhelmed by information, so it’s more important A total of £17,904,384 wasCRIME identifi ed as being the proceeds of crime and recovered from a than ever for brands to cut through the noise.” Ravenscroft is an independently owned investment services group local fi nancial institution. MMC’s decision to focus on the fi nance and which has £7.45bn of assets under administration for both private technology brands, he added, is based on The criminal activity which resulted in the confi scation order - and the subsequent criminal clients and institutional clients from around the world. prosecutions and convictions – took place entirely within the country making the request. opportunities that have been created by many years The confi scated money was made the subject of an asset-sharing agreement between the of working with multi-jurisdictional and cross-border We offer an array of investment solutions to help you achieve your international clients in those sectors. “We have seen Isle of Man and the requesting jurisdiction. objectives. Our experienced team provides discretionary investment fi rst-hand how those verticals have merged to create Chief Minister Howard Quayle MHK told B365: ‘As an international fi nance centre the Isle of a vibrant fi ntech industry. The market is growing at an management, advisory investment services and execution only trading. Man Government takes seriously its responsibilities to the global community, ensuring that astonishing CAGR of 24.8% with experts predicting the Island defends itself against fi nancial abuse and pursues those who seek to commit it will be worth £300billion by 2022. That creates For further information on how we can help, contact our team such crimes. tremendous opportunities for an international agency on 01624 602020 or email [email protected] Investments for everyone ‘The progress made in this area has been signifi cant and our law enforcement and with our wealth of experience and expertise, so regulators will continue to focus their eff orts on protecting the Island from being used to the time was right to invest in a new brand identity hide or launder the proceeds of crime. to refl ect where we are now, and create a strong ‘How people gain money from illicit activities continues to be a constantly-evolving platform to support our ambitions for growth.” www.ravenscroftgroup.com situation, with the pandemic providing further and increased opportunities for criminals MMC off ers customer-focused content, communications worldwide. Cases of fraud have increased globally in 2020, but the Island is well-prepared and PR services that enable clients to gain a The value of investments and the income derived from them can fall as well as rise. Investors may get back less than invested. to defend itself and take action against those aiming to profi t from illegal enterprises.’ competitive advantage, including content strategy, creation, and promotion. To fi nd out more about Ravenscroft is a trading name of Ravenscroft Limited (“RL”), Ravenscroft Investment Management Limited (“RIML”), Ravenscroft Cash Management Limited (“RCML”), Ravenscroft Custody Services Limited The report is available to view and download online at (“RCSL”) and Ravenscroft Specialist Fund Management Limited (“RSFML”). RL, RIML, RCML, RCSL and RSFML are licensed and regulated by the Guernsey Financial Services Commission to conduct https://www.gov.im/media/1370349/moneyval-review-report-2020.pdf MMC go to www.mmc.co.im or follow the agency on investment business. RL is also regulated by the Jersey Financial Services Commission to conduct investment and funds services business. Ravenscroft is also a trading name of Ravenscroft (IOM) Limited, its Facebook, LinkedIn, Twitter and Instagram channels. registered in the Isle of Man with company number 127781C, which has its registered address at St George’s Tower, Hope Street, Douglas, Isle of Man IM1 1AR and is licensed and regulated by the Isle of Man Financial Services Authority. All calls will be recorded and monitored for training and security purposes. For all Ravenscroft connected entities, please refer to www.ravenscroftgroup.com/disclaimer Chief Minister delivers independent report on education ‘Not an easy read’ says Chief Minister An independent report into the eﬀ ectiveness of the Department of Education, Sport and Culture’s (DESC) management and its relationship with schools has been published.

hief Minister Howard Quayle MHK ordered a review of the structure and The Council of Minister has Cfunctioning of DESC earlier this year, in direct response to concern about its relationship with teachers. proposed an urgent action plan In their 111 page report, Beamans Management to start rebuilding trust and Consultants, concluded that the relationship between the Department and teachers is confi dence in our schools. ‘fractured and must be repaired.’ Chief Minister Howard Quayle MHK It also suggests that in the long-term a Manx Education board could be established to manage, co-ordinate and support the delivery of allowed to develop which is antagonistic and • Clear mechanisms for cooperation with education, which would be separate from policy non-collaborative teachers to consider, develop and support the implementation of educational policy and inspection. • Teachers feel disengaged and demotivated The Chief Minister, said: ‘This report is not by lack of consultation on development of Beamans suggest an eventual board structure an easy read. A situation has developed educational policies to oversee a school-led education service but acknowledges that the views of pupils, parents between the Department and teachers which • This gulf between schools and the department and the general public would be needed to has damaged morale and threatens the high has increasingly led teachers to turn to their develop this idea further. standard of education on our Island. unions It suggests an interim model of structural ‘I am committed to heal these divisions and • Entrenched behaviours and actions on both changes in the Department with more welcome the suggested actions to allow us to sides have become more combative which has cooperation and consultation with the teaching move forward together. The Council of Ministers culminated in the present industrial dispute has proposed an urgent action plan to start profession to strengthen governance and repair The report believes this damaged relationship rebuilding trust and confi dence in our schools the important relationships which drive the can be reset by actions including; and I will be supporting the Education Minister education of young people. to achieve these goals.’ • Structural changes within the Department to The report has been made available to Tynwald In the creation of their report, Beamans strengthen the role of separate line managers members, teachers, their representatives and consulted extensively with the Department, for primary and secondary schools the public can view it on the Government’s Tynwald members, head teachers, union • Separating the functions of advice and website. representatives and school governors. It gives support to schools from those of inspection and a frank but honest assessment of the current quality assurance situation and concluded that; • A signifi cant strengthening of the role of • The relationship between the Department governors who would become responsible and schools is fractured and must be repaired for accountability, oversight and assurance for • Whilst not singling out any educational and fi nancial performance of their individual for criticism the report schools highlights that a culture has been

14 | Chief Minister delivers independent Laxey Flood Alleviation Plans Residents of Laxey and members of the public have attended drop-in sessions at the Laxey report on education Working Men’s Institute. The sessions exhibited the future fl ood alleviation work planned for Laxey over the next two to three years and support the delivery of recommendations of ‘Not an easy read’ says Chief Minister the ARUP report commissioned by the Chief Minister following the fl ooding in Laxey on 1 An independent report into the eff ectiveness of the Department of Education, Sport and Culture’s October 2019. (DESC) management and its relationship with schools has been published. epartment of Infrastructure Minister Tim Baker who is also Chairman of Manx Utilities said, “The approach designed by the joint working hief Minister Howard Quayle MHK Dof DOI, Manx Utilities and supported by specialist consultants JBA ordered a review of the structure and The Council of Minister has has been designed to identify all fl ood risk reduction opportunities possible Cfunctioning of DESC earlier this year, in within the Laxey area and has been underway for a signifi cant period. Over direct response to concern about its relationship 50 options have been identifi ed for river, tidal and surface water fl ood with teachers. proposed an urgent action plan risk reduction having been evaluated for suitability, build-ability, economic viability, and environmental sustainability. Following feedback from the drop- In their 111 page report, Beamans Management to start rebuilding trust and in sessions and evaluation, a set of options will be agreed for progression Consultants, concluded that the relationship to help protect the community by managing fl ood risk from source to between the Department and teachers is confi dence in our schools. sea providing better protection and greater resilience for Laxey. We look ‘fractured and must be repaired.’ Chief Minister Howard Quayle MHK forward to listening and sharing proposals with the local community as it It also suggests that in the long-term a Manx is essential that views are respected and importantly that local knowledge governance arrangements to accelerate the implementation of proposed Education board could be established to forms part of the scheme before progressing to the next stage. improvement works. I am committed to addressing the long-standing manage, co-ordinate and support the delivery of allowed to develop which is antagonistic and • Clear mechanisms for cooperation with As the Chief Minister has stated, Government is committed to implementing fl ooding issues for both the Laxey valley and the Island as a whole, to help education, which would be separate from policy non-collaborative teachers to consider, develop and support the implementation of educational policy the ARUP recommendations in full and improvement works continue to be prevent reoccurrences of the damage and distress that fl ooding causes to and inspection. • Teachers feel disengaged and demotivated undertaken whilst working on plans for the future which include changes to the community.” The Chief Minister, said: ‘This report is not by lack of consultation on development of Beamans suggest an eventual board structure an easy read. A situation has developed educational policies to oversee a school-led education service but acknowledges that the views of pupils, parents between the Department and teachers which • This gulf between schools and the department and the general public would be needed to has damaged morale and threatens the high has increasingly led teachers to turn to their PRICE OF A PINT OF MILK develop this idea further. standard of education on our Island. unions It suggests an interim model of structural ‘I am committed to heal these divisions and • Entrenched behaviours and actions on both changes in the Department with more welcome the suggested actions to allow us to sides have become more combative which has cooperation and consultation with the teaching RISES BY FIVE PENCE move forward together. The Council of Ministers culminated in the present industrial dispute has proposed an urgent action plan to start profession to strengthen governance and repair The report believes this damaged relationship The cost of a pint of milk has gone up for the fi rst time in eight years rebuilding trust and confi dence in our schools the important relationships which drive the can be reset by actions including; and I will be supporting the Education Minister education of young people. he cost of a pint has risen by fi ve pence, and two pints from £1.20 to ‘The restrictions that were implemented during COVID-19 have impacted to achieve these goals.’ • Structural changes within the Department to The report has been made available to Tynwald T£1.30; a litre of milk has gone up fi ve pence to £1.05.. all businesses and ours is no exception. Although we have gained many additional doorstep customers on-Island, we have incurred signifi cant In the creation of their report, Beamans strengthen the role of separate line managers members, teachers, their representatives and It is the fi rst increase to the cost of a pint of milk since 1 June 2012 – for primary and secondary schools increases in our operational costs, and faced many commercial challenges consulted extensively with the Department, the public can view it on the Government’s although some changes to the price of other measures were introduced within the dairy market. It is essential for us to pay the Island’s 33 dairy Tynwald members, head teachers, union • Separating the functions of advice and website. along with metric cartons in 2018. farmer producers a fair price for the milk they provide to the Creamery. This representatives and school governors. It gives support to schools from those of inspection and The retail price of Manx milk is controlled by the Milk Price Order, which a frank but honest assessment of the current quality assurance small increase to liquid milk prices will also help other local milk producers aims to give consumers a reliable supply of fresh cow’s milk at a reasonable situation and concluded that; and the wider dairy industry through these extremely diffi cult times. • A signifi cant strengthening of the role of price. • The relationship between the Department governors who would become responsible ‘This price increase was originally scheduled for May 2020 but after As part of the order, the Milk Marketing Committee (MMC), which has the and schools is fractured and must be repaired for accountability, oversight and assurance for consultation with the IoMMMA and the Government in light of the COVID-19 legal power to set milk prices, considered recommendations made by situation, it was decided to delay the increase until we felt that the Island • Whilst not singling out any educational and fi nancial performance of their the Isle of Man Milk Marketing Association (IoMMMA), which oversees the was in a less uncertain position. We would like to thank our loyal customers individual for criticism the report schools promotion of Manx milk and related products. for their continued support for fresh, Manx, grass-fed milk and dairy highlights that a culture has been The MMC is chaired by Geoff rey Boot MHK, Minister for Environment, produce of the highest quality.’ Food and Agriculture, and includes three lay members of the Offi ce The cost of the 200ml milk cartons provided to schools will increase by two of Fair Trading, who represent consumers, and three Manx milk pence to 21 pence from 1 January 2021. producers. Before agreeing with the IoMMMA’s recommendation to increase prices, the committee considered many factors including market trends, production costs, impact on the consumer, and retail competitor activity. Minister Boot, told B365: ‘It is important that consumers have a reliable source of fresh milk and dairy farmers receive a fair return. The committee was persuaded by the case put forward and therefore agreed to support the milk price increase.’ Findlay Macleod, the Creamery’s Managing Director, added: ‘With no increase to milk prices on the Island since 2012, this small increase is an essential part of keeping our local dairy industry viable in these extremely challenging times.

| 15 Economic Recovery Programme

Government unveils latest phase of economic recovery programme Treasury Minister, Alfred Cannan has launched a series of new initiatives as part of the Manx Government’s Economic Recovery Programme. The package was unveiled at a specially convened media conference at the Manx Museum, and contained the following measures:

Working Loan Capital Agreement Scheme opens to provide Island businesses with up to £10m support

sle of Man Government officially opened pandemic and it is important that we continue to applications for the Coronavirus Business support those businesses who need to access IWorking Capital Loan Agreement (‘WLCA’) on financial support and lending. The support of this Monday, which provides Isle of Man businesses scheme from both Conister Bank and Santander is with a further method of COVID-19 financial very welcome, and shows a significant commitment support. to the Island’s business community.’ The scheme provides up to £10million of working James Geldart, Managing Director of Santander capital lending to local businesses who have International Isle of Man, added: ‘We are proud been adversely affected by COVID-19, and has to be participating in the Working Capital Loan been created in direct response to the financial Arrangements to assist local businesses during challenges facing businesses as a result of the this challenging time. This marks our entrance into coronavirus pandemic. the sector on the Island and we look forward to expanding our SME proposition in the near future.’ The WCLA forms part of a wider catalogue of financial support provided by the Isle of Man Douglas Grant, Managing Director of Conister Government, which includes the Disruption Bank, stated: ’As the Island’s only local bank, We understand that Loan Guarantee Agreement (DLGA); launched in we remain committed to helping the island’s April of this year, following the initial outbreak of businesses and people both directly and in many businesses are coronavirus. The Working Capital Loan Agreement conjunction with the government through these still struggling is specifically for businesses that cannot access difficult times.’ working capital via their banks and provides a The Working Capital Loan Agreement Scheme is financially. further safety net for those businesses who cannot now in place and businesses who are interested access working capital via their banks or do not Treasury Minister, Alfred Cannan in applying for capital under the scheme should qualify for assistance via the DLGA. contact either Conister or Santander International: The agreement is supported by Conister Bank and Conister Bank: https://www.conisterbank.co.im Santander International, and provides loans of up Santander International: to £250,000 with Isle of Man Government-backed https://www.santanderinternational.co.uk guarantees for 100% of the loan. Alfred Cannan, MHK, Treasury Minister, commented: ‘We understand that many businesses are still struggling financially as a result of the

16 | Economic Recovery Programme

Manx ‘Re-Start’ Scheme Developed to Provide Support for Unemployed A new scheme to help Isle of Man individuals who have been unemployed for three months or more is being developed by Isle of Man Government.

he Economic Recovery Programme, The Manx Re-Start Scheme will last for 12 who could otherwise be at a high risk of long which was launched following months and aims to support 120 new work term unemployment. I encourage all of our TTreasury Minister Alfred Cannan MHK’s placements throughout the 52 week period. businesses, organisations and industries to announcement of a £100million fund to support Government intends to subsidise salary and work together with us to open the doors for the Isle of Man’s economic recovery post- National Insurance costs for private sector firms many individuals and ensure the Isle of Man COVID19, highlights ‘Our People’ as a key focus to a maximum of 70% of the living wage. The bounces back stronger as a nation.’ area for recovery activity. scheme will be open to those who have been Alongside the financial support available unemployed or in receipt of MERA for three Whilst unemployment has been consistently to employers, individuals will be offered months or more. falling since the coronavirus peak earlier this mentorship and ongoing support during year, an overall rise in local unemployment has Alfred Cannan MHK, Minister for Treasury, the placement and further details on the been evidenced as a result of the pandemic. said: ‘The Isle of Man has experienced administration of the scheme will be announced There are currently approximately 881 people significant challenges to our economy and in due course. claiming Jobseeker’s Allowance, with 235 (27%) to the health and wellbeing of our people The scheme will be subject to Tynwald under 25, 287 (33%) over 50 and 548 (24%) and our community. This scheme is not just approval in October, and if approved will go live having been unemployed for more than three about restarting our Island’s economy, it is thereafter. Further details about this scheme months. an opportunity to help many of our people and how to apply will be released at that time.

£0.5 million Domestic Events Fund announced to encourage the creation of local events island-wide usiness Isle of Man, an Executive Agency of Business Isle of Man is working closely with Town the Department for Enterprise, has announced and Village Commissioners across the Island to bring Ba new £500,000 Domestic Events Fund to forward a number of events and I encourage any £ support local authorities, businesses, individuals and organisation interested in running a public event to charities island-wide with the development of local take a look at this new fund. Community events are £ events. an opportunity to promote local products and local The initiative is supported under the £100m destinations as well as providing a great stimulus for Economic Recovery Fund announced by Treasury local businesses by boosting footfall. We hope these Minister Alfred Cannan MHK in his budget update to events will help support local businesses affected by July’s Tynwald. the coronavirus lockdown and border closures as well as giving people a chance to experience all that the The new fund is intended to support increased Island has to offer.’ domestic spending over the autumn/ winter period, running up to the 31st March 2020. Event organisers Tim Cowsill, Head of Business Isle of Man, added: ‘For can apply for up to 80% of costs associated with many towns and villages, local events play a key part of the development of new, domestic focused events. their strategy to bring in visitors and increase spending in retail and hospitality businesses. With ongoing £ Eligible events such as local markets, festivals, shows, concerts must be focussed on increasing domestic travel restrictions, many Island residents are choosing spending, in turn supporting local businesses with to make the most of staycation experiences and their coronavirus recovery. Qualifying costs include remain on the Isle of Man. This therefore provides an equipment, entertainment, marketing, insurance, health opportunity to encourage these individuals to explore and safety, and an event organiser. the island, travelling to different towns and villages for special events and experiences, in turn increasing their Political Member with responsibility for Business Isle of domestic spending throughout the Island. Man, Lawrie Hooper MHK, commented: ‘I’m extremely pleased to announce the launch of the Domestic ‘We look forward to working together with Town and Events Fund as a new initiative to stimulate and Village commissioners across the Island to bring support our domestic economy. The loss of a number forward a number of new events over the coming of large months’ Island events has resulted in a very difficult time Further information about the fund and how for many businesses, and they are now facing the businesses, local authorities, individuals and charities traditionally quieter winter season with lower than can apply will be available next week from expected financial reserves. www.businessisleofman.com

| 17 Economic Recovery Programme

Roll-out for Island’s ultrafast broadband accelerated from five years to four years Isle of Man Government has committed funds to accelerate the roll out of ultrafast fibre broadband to pass 99% of homes by one year.

reparatory work has already started the strategy is one of many initiatives to be widespread remote working, which has been in nearly 14,000 homes and business supported under the £100 million Economic proven over the recent months to be not just Ppremises with 20% of those already Recovery Fund that was announced by Treasury required, but essential to the way we work. fully connected to the network. Properties in Minister Alfred Cannan MHK in his budget ‘By accelerating the plan from five years to Gansey were the first to come on stream and update to July’s Tynwald. four, we can move towards a high speed, fully areas currently under construction include Glen Political Member with responsibility for Digital connected future for the Island even quicker Auldyn, Sulby, Derbyhaven and Ballakilpheric. Isle of Man, Daphne Caine MHK, explained and reach 75% of homes within three years. It Within the next six months, fibre is also due to is encouraging to see the work progressing so ‘Keeping our Island connected is an absolute be laid in Baldrine, Colby Glen, Colby Village, well and around the Island in equal measure at priority for the Department and forms part of Douglas and the Whitebridge. such pace.’ the Isle of Man Government’s wider economic To ensure the majority of Island residents recovery; a vision which allows us not just to Around 35% of Island properties can already have more opportunity to access fast, reliable rebuild after COVID-19 but that also better access ultrafast fibre broadband via licensed internet, the Island’s National Broadband Plan enables local business to grow and develop. operators. was accelerated from an initial target of five ‘As well as supporting enhanced online services For more information visit the dedicated years to four years. which align with the Government’s carbon National Broadband Information webpage: The acceleration of the plan has come at neutrality policy, it further promotes more www.iomdfenterprise.im/national-broadband-plan/ the same time as the Island jumping up in worldwide broadband speed rankings from 63rd to 40th place in 2019-20 and rising above the UK and Ireland. Earlier this year, Manx Telecom was awarded a £10 million contract to deliver ultrafast fibre broadband in nine intervention zones across the Island. The zones are remote, difficult to reach areas where around 25% of premises and homes are located and, typically, where providing high speed broadband services is likely to be commercially unviable. The ambitious initiative, outlined in the National Telecoms Strategy was unanimously approved by Tynwald in October 2018. The acceleration of the National Broadband Plan as part of

18 | Economic Recovery Programme

Isle of Man Government Summer Internship Programme matches over Invests in Island’s Future skills 100 Manx students with local and education opportunities businesses he Summer Internship Programme led by Additional training and educational opportunities are to be made Business Isle of Man, an Executive Agency of the available to Island residents, as part of the Economic Recovery TDepartment for Enterprise, has matched over 100 Programme which was announced by Treasury Minister Alfred Cannan Manx students with businesses across the Isle of Man. MHK in his July budget update. The programme for individuals aged 18 -25 was one of the first initiatives to be supported under the £100m Economic o date, the wide range of initiatives businesses and individuals on the Island. Recovery Fund that was announced by Treasury Minister aimed at training and support for Education and training are key tools which Alfred Cannan MHK in his budget update to July’s people on the Island has included can support the Isle of Man’s economic T Tynwald. subjects such as science and humanities, stability during these times, by helping to through new Access to Higher Education develop the appropriate skills required The internship programme provided full wage support at a courses, GCSE and Functional skills in to support local businesses, which, at the weekly rate of £256 per week for businesses, third sector English and Maths and places on initial same time, can transform people’s lives and other organisations. Organisations were matched teacher training amongst a range of other by assisting them to achieve their job with young people and students who are looking to gain subjects. aspirations.’ real world work experience, build their CV and develop interpersonal skills. A flexible tailored programme of learning The funding so far has also supported will begin with immediate effect and also some apprentices, who are now able Overall the programme received 259 student applications includes an expansion in the range of to continue with their apprenticeship and 112 business hosts seeking support with 161 projects. apprenticeships and higher education programmes. We aim to have further Minister for Enterprise, Laurence Skelly MHK, commented: programmes. widening participation activity in the ‘I’m thoroughly delighted with the success of the Minister for Enterprise, Laurence Skelly community to support wellbeing and departments Summer Internship Programme. As a MHK commented: a new exciting internship programme government, we stand ready to invest in our economy, in ‘The COVID-19 pandemic has led to through a ‘Learning Company’ model, our people, in our Island and in our future, of which this the most significant challenge to our details of which will be out soon. initiative is a prime example of this in action. economy, our education and to our health Julie Bradley, programme leader for the The programme has not only provided direct and wellbeing for a generation. Yet it Economic Recovery Programme’s ‘Our opportunities for over 100 young people to improve their is how we respond to that challenge People’ work stream explained: ‘This is employability and skills for the future, but has supported that is even more critical to ensure the very much looking at the bigger picture local businesses with much needed resource to help with Isle of Man continues to be an Island of as it can offer appropriate skills required specific projects or coronavirus recovery work.’ enterprise and opportunity. to help local businesses, which, at the Nick Venables, Intern at Island Escapes said:‘I’ve ‘Through the Economic Recovery same time, can transform people’s lives thoroughly enjoyed the opportunity to work with Programme, Isle of Man Government by assisting them to achieve their job Island Escapes as a Property and Marketing Assistant. is committed to investing in our people aspirations. It can also be especially Graduating from university this summer, the scheme has by expanding the opportunities for beneficial for those who have changes in enabled me to refine my skills in a real-life environment developing core skills, providing paid circumstances arising from the pandemic. of my chosen field, alongside helping me to develop training and delivering qualifications and ‘We must all play a part in the Island’s personal characteristics, such as confidence in customer skills that are in demand in our economy economic recovery and, as certain relations and self- efficiency. In particular, I’m really and that will help people find employment services see a requirement for growth, pleased to have helped Island Escapes to develop an opportunities in the long term. there is a genuine need to engage with email marketing strategy as part of my internship which The funding is available to provide new professionals from industry to find out will act as a key feature of their communications moving courses and to increase places on which areas need additional support. forward as it enables the business to build their database existing courses at UCM. Funding for the retraining of adults who and stakeholder engagement. This will provide a ‘By creating these new find themselves requiring re-skilling or ‘Overall, I’ve found the programme greatly beneficial and and extended offerings, the overarching up-skilling and backing employers or anticipate it has made me a more competitive candidate aim is to enable people to make progress enterprise is an essential part of that. I in a challenging climate, which will no doubt prove to be in their careers and in their lives and anticipate there being a genuine interest beneficial in the future.’ to support the Isle of Man’s economic and uptake on what is being offered.’ The programme is now closed to new applications from recovery and future sustainability.’ For more information and a list of the individuals and business hosts, with final work underway Jo Pretty, Principal of UCM added: opportunities on offer, please contact by the agency to match as many outstanding compatible ‘COVID-19 has impacted on numerous 648200 or visit www.ucm.ac.im applications received before the deadline.

| 19 Expert comment from leading fi gures within the business community, on a variety of topical issues across a range of sectors.

HOW TO PREVENT YOUR COMPANY FROM THE IMPACT OF 2020

OUTGROWING ITS PROCESSES ON PENSIONS AND BY JOANNA STRAHAN, C2C PROCESS GROUP SOLUTIONS s a company you will have core processes to RETIREMENT PLANS deliver your products or services and achieve your Culture responsive you will need to change this Abusiness strategy/vision. perception. You need to know that the n BY CHRIS BELL, RAVENSCROFT PORTFOLIO MANAGER If you do not want to outgrow your From experience we have identifi ed that there are usually work is being done and the processes are processes you will need to create an agile three main reasons for companies outgrowing their being followed, but equally you don’t want and responsive culture. processes. your team so stressed that they turn each As we approach the end of 2020, there will be many looking back at what started as a normal This requires joined up thinking and Let’s review the three reasons and then process into a tick box just to be sure they year and wondering what effects the last six months have had on their current financial collaborative working, being open to can get through the performance review. look at solutions. change and empowering your teams to One way to help reduce the stress is circumstances and importantly, what effect Covid-19 may have on their retirement prospects. be creative and to make change happen. Not setting core processes initially to ensure the team understands that he global pandemic has caused, aside lockdown will always be prevalent. The bottom The bottom line is that pensions are very A good way to build this culture is through the review is also about the process Imagine brewing a new beer. If you don’t follow from the obvious health issues, chaos in line of investing is that without risk, there can specific to you as an individual. Whether you Process Working Groups. These groups itself – not just the person carrying it 1 the 10 key stages of the brewing process, the various business sectors which simply be no return. But over the long term, time gives are starting the journey or coming to the end are given responsibility for setting the T out. This more holistic approach allows stopped working. Governments tried to shore your investments the ability to ride out the effects of your career they are, and always will be, product won’t taste great. If you’re lucky and process, reviewing its successes and you to complete process-based auditing up economies and job markets by stepping of the market moving up and down. You’ll be a long term investment and so unexpected create the perfect beer but don’t record what you looking for improvements. Members of (checking that the process is eff ective and in with various financial packages. Some of pleased to hear that there is little evidence to periods of volatility as we have seen this did, you won’t be able to recreate it. these groups should be selected, not only effi cient) and avoid the ‘tick box’ mentality. these did include a grant to cover certain suggest that anyone can successfully pinpoint year won’t have a significant impact for From the start, be clear what the process is, and for their knowledge and understanding of Process audits should look at: pension contributions. Unfortunately for existing the bottom of the market. most. However, periods of market volatility record it. This means you can repeat it, and as the current process, but for their energy, pensioners, the virus has acted to further reduce Whilst the effect of inflation has been negligible can offer an opportunity to take advice and your team expands, others can also repeat it. their edge, their ability to enthuse others • The purpose of the process the level of long term interest rates, making the in recent years, it is important to be mindful that review what your plans were and what they and their capacity to get the job done. • What business objective is it Putting clients’ needs above your hunt for yield ever more elusive. cash, generally, loses value over time - £10,000 need to be going forward. Your strategy may The working group should be focussed supporting? also change post-retirement as you may own 2020 has been harmful to the personal in a savings account today is unlikely to possess 2 on the bigger picture and must be open to • Is it managing the risk and exploiting circumstances for many with a clear increase the same purchasing power in 20/30/40 years’ not require the pot to have as much risk but Imagine baking aff ordable artisan bread. Initially feedback. It needs to be objective when the opportunities? in levels of financial stress. While others, have time when you may be thinking about retiring. It that’s again a personal decision. Alongside pension contributions and growth, I also would sales are excellent. Then requests start for gluten reviewing the success of the process. • Is it achieving its purpose? or managed to make meaningful savings during is not all doom and gloom though, as thankfully free, all organic etc. Should you adapt your recipe Remember things change, processes lockdown. Given the tax relief available on there are ways to make your money work harder suggest that regular (non-pension) savings are • Are there barriers, blockers or waste to satisfy these requests? Do they fi t the original grow and evolve and sometimes things pension contributions, it would seem one option for you and investing is one way to achieve this. accumulated so as to offer the best possible in the process? vision? just don’t work out how you would have would be to increase the level of pension savings. History demonstrates that, in the vast majority chance of a comfortable retirement with as little reliance on the state pension as possible Listening to customers is important, but you also wanted them to. Do not see these as These audits must be a true refl ection of Psychologically this may be difficult for people, of scenarios, investing in markets returns and for that you should seek the advice of need to consider your own needs/business failures, instead view them as lessons to the process and should not be carried out as the current year has seen dramatic volatility significantly more than bank interest would have qualified investment professionals. vision. Trying to suit everyone will almost certainly learn from and improve. by anyone who is part of the task/project in global financial markets. There also remains done over an extended time period. or the process working group. result in a process that no longer works and an The working groups should also be significant uncertainty in many economies. unsatisfactory product. involved in the initial implementation and The feedback from these audits along As always, diversification is crucial and your asset allocation should suit your own personal However, there may be requests worth will need to be a constant champion for with any other performance measures circumstances (age, stage, wage and objectives). incorporating. Customer feedback can help the new process. Communicating the should go to the Process Working Group gauge how and when to expand the business. change and the reasons for it, is key. for review. The auditor and working group Global equity markets initially fell very sharply, But before doing this, ensure the changes fi t into People should know why they are doing should agree any corrective actions reaching their current year low towards the your core process. something, not just what they need to do. needed and identify any changes or end of March. As the scale of the government improvements to the process. stimulus packages and the Central Bank Creating a tick box process to suit Performance Review By having your core processes recorded policies kicked in, it was clear that the huge others For some people performance reviews and from the start and auditing your processes wave of liquidity had to end up somewhere. 3 audits can be a stressful part of their job. as your business develops you will ensure We then witnessed one of the sharpest equity Some companies want or need accreditations or your company always has eff ective and market recoveries in history, with much focus certifi cations, for example ISO9001, to compete As a business owner or manager, if you effi cient processes. on the technology sector. Indeed, over the in a market. They write a procedure that ticks the want to keep your processes agile and summer months, this sector has clearly entered boxes for each requirement but is not created ‘bubble’ territory, driven in part by an explosion holistically and doesn’t align to the core process. ABOUT THE AUTHOR in speculative day trading. Investors have People perceive it as a bolt on task – not Joanna Strahan is founder of C2C Process Group, and an expert in business improvements, also taken the view that the virus has simply something that’s essential or needing proper care management systems, achieving industry accreditations, auditing and inspections. Process Collaborators accelerated some of the long term structural and attention, so it is neglected. off ers expert support in the implementation of process and risk-based approaches, driving operational changes already in train. effi ciencies, compliance monitoring and collaborative working as well as helping businesses ensure high For further information on how Ravenscroft can help you, contact our team on Processes should be designed to align with the standards of quality, safety, and sustainability. The autumn months may see further volatility, as 01624 602020 or email [email protected] core processes so that all aspects and activities Web: http://processcollaborators.co.uk/ global investors will have to deal with periodic are considered to be part of job the person does. LinkedIn: https://www.linkedin.com/company/process-collaborators/ outbreaks of the virus and the fear of a wider www.ravenscroftgroup.com

20 | THE IMPACT OF 2020 ON PENSIONS AND RETIREMENT PLANS n BY CHRIS BELL, RAVENSCROFT PORTFOLIO MANAGER

As we approach the end of 2020, there will be many looking back at what started as a normal year and wondering what effects the last six months have had on their current financial circumstances and importantly, what effect Covid-19 may have on their retirement prospects.

he global pandemic has caused, aside lockdown will always be prevalent. The bottom The bottom line is that pensions are very from the obvious health issues, chaos in line of investing is that without risk, there can specific to you as an individual. Whether you Tvarious business sectors which simply be no return. But over the long term, time gives are starting the journey or coming to the end stopped working. Governments tried to shore your investments the ability to ride out the effects of your career they are, and always will be, up economies and job markets by stepping of the market moving up and down. You’ll be a long term investment and so unexpected in with various financial packages. Some of pleased to hear that there is little evidence to periods of volatility as we have seen this these did include a grant to cover certain suggest that anyone can successfully pinpoint year won’t have a significant impact for pension contributions. Unfortunately for existing the bottom of the market. most. However, periods of market volatility pensioners, the virus has acted to further reduce Whilst the effect of inflation has been negligible can offer an opportunity to take advice and the level of long term interest rates, making the in recent years, it is important to be mindful that review what your plans were and what they hunt for yield ever more elusive. cash, generally, loses value over time - £10,000 need to be going forward. Your strategy may 2020 has been harmful to the personal in a savings account today is unlikely to possess also change post-retirement as you may circumstances for many with a clear increase the same purchasing power in 20/30/40 years’ not require the pot to have as much risk but in levels of financial stress. While others, have time when you may be thinking about retiring. It that’s again a personal decision. Alongside managed to make meaningful savings during is not all doom and gloom though, as thankfully pension contributions and growth, I also would lockdown. Given the tax relief available on there are ways to make your money work harder suggest that regular (non-pension) savings are pension contributions, it would seem one option for you and investing is one way to achieve this. accumulated so as to offer the best possible would be to increase the level of pension savings. History demonstrates that, in the vast majority chance of a comfortable retirement with as Psychologically this may be difficult for people, of scenarios, investing in markets returns little reliance on the state pension as possible as the current year has seen dramatic volatility significantly more than bank interest would have and for that you should seek the advice of in global financial markets. There also remains done over an extended time period. qualified investment professionals. significant uncertainty in many economies. As always, diversification is crucial and your asset allocation should suit your own personal circumstances (age, stage, wage and objectives). Global equity markets initially fell very sharply, reaching their current year low towards the end of March. As the scale of the government stimulus packages and the Central Bank policies kicked in, it was clear that the huge wave of liquidity had to end up somewhere. We then witnessed one of the sharpest equity market recoveries in history, with much focus on the technology sector. Indeed, over the summer months, this sector has clearly entered ‘bubble’ territory, driven in part by an explosion in speculative day trading. Investors have also taken the view that the virus has simply accelerated some of the long term structural changes already in train. For further information on how Ravenscroft can help you, contact our team on The autumn months may see further volatility, as global investors will have to deal with periodic 01624 602020 or email [email protected] outbreaks of the virus and the fear of a wider www.ravenscroftgroup.com

| 21 UK'S ACUTE CYBERSECURITY TALENT SHORTAGE A TICKING TIMEBOMB DURING COVID-19 Half of UK companies do not have adequate cybersecurity provision to allow for 100% remote working.

nd whilst 58% of tech hiring managers list “In fact, there are over 65,000 attempted cyber on by Covid-19 led to a surge in recruitment Ainfo-security as their most required skillset attacks on UK SME’s every day – with around at the beginning of this year. As a result, right now – only 10% of tech professionals in the 4,500 being successful at a cost of £2.48m per cybersecurity is becoming an ever-greater part UK possess the right skills to help plug the gap. instance. of the technology function.” The fi ndings come from a new report by global “Given the cost – both fi nancially and Whereas in 2018 cybersecurity accounted for recruiter Robert Walters and data provider reputationally to businesses – it is surprising to 3.5% of technology vacancies, so far this year Vacancysoft – Cybersecurity: Building Business hear that cybersecurity only accounts for 5.6% if it is above 5% - and this growth is forecast to Resilience – which highlights how the problem total IT spend in a company.” continue. is far worse on a European level, with 70% Job roles on the rise Vacancy growth by region of companies stating that they do not have a suffi cient cybersecurity team and are having to There are approximately 43,000 professionals With the UK long claiming its status as one of deal with a talent shortage of 140,000 across working in a fulltime cyber security related role the world’s leading digital nations – home to the continent. in the UK – representing a 37% increase in exceptional talent, cutting-edge innovation, and employee jobs over the last two years. rapid growth – it is not surprising to see the rise Darius Goodarzi, Principal - Information Security in infosec vacancies on British soil. Rather than and IT Risk at Robert Walters, told B365: Despite hiring freezes across the board during off -shore roles to international countries such “The move to remote working, cloud-based lockdown - including general IT roles which as India where tech talent is in abundance, the fi le sharing, rise in video calls, and cashless were down by -40% for the fi rst half of this trend here has been to nearshore to regions transactions has highlighted to all businesses year – cybersecurity bucked the trend and job volumes increased by +6%. outside of London – with the North dominating. the importance of adequate IT security to allow for business continuity and protection from James Chaplin, CEO of Vacancysoft, added: While traditionally London had been the centre online breaches. “The rapid pace of digital transformation bought for hiring, the regions are catching up with the

22 | capital. In 2018, 50.6% of all cyber security vacancies were in London, where in contrast this year 40.8% of vacancies are London based – a drop of 10%. Yorkshire and the North East has seen a year-on-year increase of infosec vacancies of +138%, making it the second largest employer within the sector – representing 18% of overall cyber security hires. The next most prominent region is the South East, representing 16% of cybersecurity hires in the UK (down from 19%). However, much like Are your savings London activity has been down year-on-year by 12.4% as businesses adopt nearshoring tactics and hire in northern regions. Ahsan Iqbal, Director of Technology at Robert Walters, said: getting the “The north has been rising for some years now in regards to tech hubs – from a year-on-year increase in VC funding, less barriers to entry for start-ups, relocation of headquarters, and some of the best tech highest return? courses in the UK. “It is quite clear to see that Yorkshire and the North East is making quite an aggressive play to dominate the info-security fi eld, and increasingly we are seeing more consultancy fi rms base themselves in the region as a result of low cost base and quality talent pool. “The nearshoring of roles to other parts of the UK means that the country is in a strong position to become the cybersecurity capital in Europe.”

The government has invested £10m in cybersecurity solutions over the past year.

Darius Goodarzi shares the top 4 job roles in demand within infosec this year: 1. Security Operations Centre (SOC) – As businesses take more steps to strengthen their cybersecurity strategies, a SOC takes both a preventative as well as reactive approach, detecting potential threats, and implementing measures to prevent them from happening. In London, salaries for SOC have spiked by up to 10.5% in large companies. 2. Security Engineer – The government has invested £10m in cybersecurity solutions over the past year, with a pressing need for security engineers to implement new security products and install updates that enhance security around current IT platforms. 3. Security Awareness Manager – with businesses becoming more data driven and staff gaining increasing exposure to commercially What is your bank paying you? sensitive information, security awareness training is required to At Skipton we offer a range of competitive educate employees and provide data protection guidance to ensure compliance. savings accounts giving you solid returns from 4. Chief Information Security Oﬃ cer (CISO) - There is more an award winning bank. technology in the workplace than there has ever been before, growing an organisation’s attackable surface. With this comes a realisation to the executive level that security is a key component in business continuity and operational performance - requiring Contact 01481 730730 an advocate to work alongside the C-suite to ensure compliance with security procedures. Ajay Hayre - Senior Consultant Technology at Robert Walters, stated: “As businesses continue to invest in cybersecurity software and adopt new platforms, there will be a heavy emphasis on Cloud skills, security engineering and site reliability engineering. “Professionals involved in security orchestration with strong SIEM skills such as Splunk will be highly valuable, as well as AWS container security and micro service security architecture. Businesses will have to make heady attempts to secure cybersecurity specialists, where possible Skipton International Limited (Skipton) is licensed by the Guernsey Financial Services Commission and is registered in Guernsey: 30112. Skipton is a wholly owned subsidiary of Skipton Building Society. Skipton is licensed under the Banking Supervision tapping into passive candidate markets to secure the best talent.” (Bailiwick of Guernsey) Law, 1994, as amended. Skipton is a participant in the Guernsey Banking Deposit Compensation Scheme. The Scheme offers protection for ‘qualifying deposits’ up to £50,000, subject to certain limitations. The maximum total amount of compensation is capped at £100,000,000 in any 5 year period. Full details are available on the Scheme’s website www.dcs. gg or on request. Skipton is not licensed by the Isle of Man (IOM) Financial Services Authority and deposits made with Skipton are not covered by the IOM Depositors Compensation Scheme. To help maintain service and quality, telephone calls may be recorded and monitored. UK'S ACUTE CYBERSECURITY TALENTINVESTOR’S SHORTAGE A TICKINGDIARY TIMEBOMB DURINGBY PETER SHARKEY COVID-19 Half of UK companies do not have adequate cybersecurity provision to Theallow for 100%10-month remote working. (or 200-day) moving average rule Is there anything more frustrating than discovering you’ve overpaid for a product or service?

hat quiet sense of elation you feel when telling a mate that you persuaded your Tinternet provider to lower their monthly charge from £39 to £32 quickly evaporates when your slightly embarrassed pal tells you The time to buy is that his charge has remained constant, at £24 when there's blood on a month, for the past two years. And he’s with the same provider. And he gets a slightly better the streets, even if the package too. The price of fl ights on ‘low-cost’ airlines is blood is your own. another purchase about which people tend to keep quiet. No-one wants to be identifi ed as the idiot who willingly dropped £139 for a trip when Baron Rothschild almost everyone else on the plane secured their return journey at a cost of £25.

Theoretically, the internet should have improved to advertise a promotion as ‘KKK Wednesdays’ Baron Rothschild, the eighteenth century British the chances of us avoiding rip-off s, scams, or which, while popular with a handful of folks in noble and member of the Rothschild banking over-paying for something, but this isn’t the some isolated parts of the USA, was not exactly dynasty is credited with saying that “The time to case. Who hasn’t wondered, immediately prior embraced by shocked Americans and quickly buy is when there’s blood on the streets, even if to pressing the on-screen ‘buy now’ button, dropped. the blood is your own.” whether what they’re about to buy is available A few years ago, David Dao boarded a United Rothschild made a fortune following his own at a much lower price elsewhere? Continental plane in Chicago but the airline advice in the wake of the Battle of Waterloo, Instead of making the transaction process had over-booked his fl ight and Mr Dao was making him perhaps the fi rst contrarian investor. morend transparent, whilst 58% it of could tech behiring argued managers that the list “Indragged fact, there from are the over aircraft 65,000 by police attempted offi cers. cyber on by Covid-19 led to a surge in recruitment While the baron’s advice sounds suitably Ainternetinfo-security has actually as theirmade most it more required opaque skillset and attacksFootage on of UK the SME’s nasty-looking every day incident – with wentaround at the beginning of this year. As a result, dramatic, today’s investor may prefer to apply rightfrustrating, now – because only 10% weof tech can’t professionals possibly compare in the 4,500viral and being attracted successful millions at aof cost views of on£2.48m social per cybersecurity is becoming an ever-greater part the 10-month (or 200-day) moving average rule. UKevery possess single theprice right quoted skills toagainst help plugthe same the gap. instance.media. Continental’s response was less than of the technology function.” item, even when we know there’s a good This says that investors should buy when prices The fi ndings come from a new report by global “Giveneff ective the andcost its – shareboth fiprice nancially nosedived and as some Whereas in 2018 cybersecurity accounted for chance we’d pay less elsewhere. are above their 10-month average and sell recruiter Robert Walters and data provider reputationallycommentators to called businesses for the –company’s it is surprising chief to 3.5% of technology vacancies, so far this year when they are below it. VacancysoftThe irony is that – Cybersecurity: whereas you’re Building likely toBusiness see hearexecutive that cybersecurity to step down. only accounts for 5.6% if it is above 5% - and this growth is forecast to Resiliencethe same pair – which of jeans highlights off ered how at dozensthe problem of totalIn the IT week spend following in a company.” the incident, Continental’s continue.In his landmark book, The Intelligent Investor, isdiff far erent worse prices on a online,European this islevel, rarely with the 70% case Benjamin Graham, renowned ‘father of value Jobshares roles could on be the acquired rise for $60.33, but within Vacancy growth by region ofwith companies investing, statingespecially that when they doa company not have a two months they had climbed to $82, a 35 investing’, notes: “The history of the past fi fty There are approximately 43,000 professionals suffihas suff cient ered cybersecurity from an outbreak team andof one are ofhaving those to percent increase in value in the space of eight Withyears the and UK longer long claimingindicates its that status a diversifi as one ed of working in a fulltime cyber security related role dealprolonged with a boutstalent ofshortage righteous of 140,000indignation across that weeks. theholding world’s of representative leading digital commonnations – stockshome towill in the UK – representing a 37% increase in thecauses continent. its share price to plummet. Its temporary exceptionalprove more talent,profi table cutting-edge over a stretch innovation, of years and employeeMarket falls jobs similar over to the those last investors two years. have seen embarrassment is startlingly evident as rapidthan a growth bond portfolio,– it is not with surprising one important to see the rise Darius Goodarzi, Principal - Information Security since mid-March tend to follow a similar pattern: concerned sellers abandon ship in their droves Despite hiring freezes across the board during inproviso infosec – thatvacancies the shares on British must soil.be purchased Rather than at and IT Risk at Robert Walters, told B365: a shock of some description causes the market and the company’s value slumps. lockdown - including general IT roles which offreasonable -shore roles market to international levels…” countries such “The move to remote working, cloud-based to tumble but in time it eventually bounces were down by -40% for the fi rst half of this as India where tech talent is in abundance, the fiCompanies le sharing, arerise often in video the architectscalls, and ofcashless their own back. Of course, everyone is a genius with Graham was writing in 1949, but the strategy year – cybersecurity bucked the trend and job trend here has been to nearshore to regions transactionsmisfortune. Remember has highlighted Gerald to Ratner all businesses describing hindsight, so is there a rule to which investors of buying at ‘reasonable market levels’, or volumes increased by +6%. outside of London – with the North dominating. thehis company’simportance products of adequate as “total IT security cr*p”? Hardlyto allow a can adhere which enables them to recognise when a share price is trading below its 200- forgreat business PR stunt; continuity it cost Ratner and protection his company. from Then Jamesthat a share Chaplin, price CEO or marketof Vacancysoft, index is tradingadded: at Whileday average traditionally has proved London to had be beenone that the pays centre onlinethere was breaches. the decision by Krispy Kreme donuts “Theits lowest rapid level? pace of digital transformation bought fordividends. hiring, the regions are catching up with the

24 | JUST HOW CLEAN REALLY Or are you unwittingly IS YOUR OFFICE? home to billions of unwelcome visitors

Telephones, computer keypads, communal kitchens and washrooms are ‘germ heaven’. Your phone alone can harbour up to 25,000 germs per square inch - a sobering thought. Then there’s the little matter of people who don’t wash their hands after visiting the little room and then touch door handles etc. Need we say more?

Unseen dangers In short - if we touch it, breath over it or talk into it on a regular basis, it’s a place where unseen danger lurks.

he saying goes that cleanliness is next to Godliness. It may well be true, Tbut it’s the science of cleaning that has evolved massively in recent times. Manx Clean is a relatively new family business, run by knowledgeable professionals - skilled in the craft of keeping your office space clear of invisible bacterial and viral invaders. Karen Bowman ran a successful cleaning business in the UK, before relocating to the Isle of Man with her Manx born partner and is good hygiene. Simple repetitive tasks Manx Clean provides tailored cleaning launching Manx Clean in February. such as washing our hands regularly, and protocols for every client, at any time of day. ensuring all office and household surfaces The unwelcome arrival of the Covid crisis in Your office or home will be kept visually are kept scrupulously clean using high quality March heightened public awareness of the pristine and bacteriologically secure at all antibacterial products, to help fight against importance of personal and environmental times, improving productivity and drastically even the most hideous viral invaders - including hygiene - the fundamental building blocks of the reducing the number of sick days taken by Covid 19. Manx Clean philosophy - and after lockdown employees. was lifted the company’s services were in high Manx Clean’s message is crystal clear: “If you demand, particularly in office environments Germ heaven want a place to be cleaned, we can do it.” around the Island. We must never forget that an office is the To talk about your business or home The coronavirus has been a devastating and perfect playground for all manner of bacteria. cleaning requirements give Manx Clean frightening episode in our lives, but - like The everyday gadgets we use are the a call. The germs will be quaking in their so many known viruses - its Achilles Heel unwitting transmitters to the unseen invaders. boots in no time!

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| 25 THE EVOLVING ROLE OF THE BUSINESS ANALYST We use fun collaborative tools (AND WHY IT JUST MIGHT BE THE CAREER YOU’VE BEEN LOOKING FOR) to open our creative minds including game-storming, Senior Analyst, Kathryn Druggan explains some reasons she continues to thrive in problem reframing, user her career, even after 15 years, and why you might too…. journey mapping, blueprinting, and prototyping efining business analysis is a challenge, and its practitioners Over the years, I have seen the role of the Analyst advance and grow. It’s continue to debate what constitutes the core responsibilities of a no longer just about sourcing and baselining ‘solution agnostic’ business ‘BA’. In addition to this, there are a host of alternative job titles for D requirements, rather it has expanded to be far more appealing, exciting, and range of problems with colleagues and partners from diverse disciplines, what essentially is a business analyst role. These, to name a just a few, rewarding. backgrounds, and with an array of business and technical experience. 5. You are a personality fit include Business Process Analyst, Functional Analyst, Product Owner, In a world of ubiquitous technology, digitisation, agile and user experience In personality terms, I would describe myself as an empath who, aside Business Systems Analyst, Usability Analyst, User Experience Designer or Projects involve many types of learning. There is the past learning that the analyst may ‘wear a particular hat’, or take on a different role, depending from crying at folk’s stories, loves that my role involves improving simply Analyst (as chosen by PDMS). the team members bring in, present learning which occurs within the people’s working lives. I am extrovert and like to communicate clearly. on the project methodology, stakeholders, problem, technology, immediacy, project, and future learning which happens from the growth that each The profession is broad and typically, practitioners will encounter different I am a thinker who likes to be challenged and being able to excel. I’m or problem domain. team member will take with them to their new projects. facets of this breadth, dependent on the context in which they are naturally very curious and always have just “one more question”. As the role deviates from the textbooks, it is becoming increasingly difficult practicing and their career level. Every fresh problem, domain, client, technology, and solution requires the for organisations, PDMS included, to agree on a concise job description to analyst to ‘drink from the firehose of information’ or to learn a lot in a short If this sounds like you, then this career might be for you too. fully illustrate the great features of the career. amount of time. The understanding required of the analyst allows you to sit at a unique vantage point and often you are likely to act as a ‘trusted 6. You will enjoy independence, advisor’, which is very rewarding. Here are my seven reasons for pursuing a flexibility and trust 3. It is fascinating and fun An experienced analyst will be self-organised, flexible and trustworthy. career in business analysis: At PDMS, workplace flexibility is cultivated for employees: this provides The analyst helps organisations to identify what must be changed and how The BCS (The Chartered Institute for IT) colleagues latitude about how goals are accomplished and promotes best to change it - a challenging yet fascinating environment to operate in. job satisfaction. defines the BA as: 1. Variety and new challenges Designing solutions to customer problems and making an impact is fun Speak to any analyst at PDMS, and they will describe experience of working and satisfying. In order to meet all of the user, business, and technology An advisory role which has the responsibility on projects across various industry sectors for a range of our clients. PDMS’ needs, we adopt a ‘Human Centred’ approach focused on empathising The ultimate goal is to delight our varied client portfolio, coupled with our continuous improvement model, with users and understanding how they will react to and interact with the for investigating and analysing business makes each project unique with interesting fresh challenges to overcome. design of services and products. customers through innovation and situations, identifying and evaluating options Technology is increasing our ability to build at an exponentially rapid rate, In ‘Design Thinking’, we use lots of fun collaborative tools to open our transformation. and companies purchasing this tech expect leaner, faster, and more agile creative minds including game-storming, problem reframing, user journey for improving business systems, elaborating solutions. In response, analysts must continue to develop to keep up with mapping, blueprinting, and prototyping. Sometimes having the free mind the demand and competition. There is no repetitive ‘doing the same old of a child, being playful and telling stories allows for more design freedom 7. We make a difference and a more enjoyable and memorable experience for all! and defining requirements, and ensuring things and expecting different results’ in our field. We may not be finding a cure for cancer or a vaccine for Covid-19, but we do help change and improve people’s daily experiences, which is The role requires you to wear ‘many hats’: you must be able to visualise rewarding. the effective implementation and use of both the big picture and the minutiae, to move between both the technical 4. Career prospects and business side of a solution, to be self-sufficient and facilitate groups. We are in a period of rapid reformation of business landscape. Economic, An analyst can add value from the inception of a project; helping the information systems in line with the needs You will work with lots of different people at all levels of an organisation technical, and now logistical challenges, identified during lockdown, business to look at things in new ways, establishing strong collaborative and two days are very rarely the same. have accelerated the need for digital innovation over traditional business relationships and identifying points of failure early. of the business. solutions. No doubt this presents bright possibilities in the future of the The ultimate goal is to delight our customers through innovation and 2. Every day is an opportunity to analyst. transformation. The demo of a solution you know is going to be a game Even if the BA profession dried up tomorrow (it won’t), the competencies changer, or when you receive that all-important customer kudos is what learn and grow developed by working as an analyst are sought after in progressively we analysts live for. inter-connected and fast-changing organisations. Projects are occasions to gain new skills, I will often draw more from one There are many more reasons I love my career, but I’ll leave it at seven and project than I will from any course or textbook. This is because we learn If you care about your prospects, this market is opening, you can become let you find out more by looking at our site: www.pdms.com or getting in and execute in a tight performance cycle, collaborating and solving a a member of a supportive global community and be well rewarded too. touch with our team.

26 | THE EVOLVING ROLE OF THE BUSINESS ANALYST We use fun collaborative tools (AND WHY IT JUST MIGHT BE THE CAREER YOU’VE BEEN LOOKING FOR) to open our creative minds including game-storming, Senior Analyst, Kathryn Druggan explains some reasons she continues to thrive in problem reframing, user her career, even after 15 years, and why you might too…. journey mapping, blueprinting, and prototyping efining business analysis is a challenge, and its practitioners Over the years, I have seen the role of the Analyst advance and grow. It’s continue to debate what constitutes the core responsibilities of a no longer just about sourcing and baselining ‘solution agnostic’ business ‘BA’. In addition to this, there are a host of alternative job titles for D requirements, rather it has expanded to be far more appealing, exciting, and range of problems with colleagues and partners from diverse disciplines, what essentially is a business analyst role. These, to name a just a few, rewarding. backgrounds, and with an array of business and technical experience. 5. You are a personality fit include Business Process Analyst, Functional Analyst, Product Owner, In a world of ubiquitous technology, digitisation, agile and user experience In personality terms, I would describe myself as an empath who, aside Business Systems Analyst, Usability Analyst, User Experience Designer or Projects involve many types of learning. There is the past learning that the analyst may ‘wear a particular hat’, or take on a different role, depending from crying at folk’s stories, loves that my role involves improving simply Analyst (as chosen by PDMS). the team members bring in, present learning which occurs within the people’s working lives. I am extrovert and like to communicate clearly. on the project methodology, stakeholders, problem, technology, immediacy, project, and future learning which happens from the growth that each The profession is broad and typically, practitioners will encounter different I am a thinker who likes to be challenged and being able to excel. I’m or problem domain. team member will take with them to their new projects. facets of this breadth, dependent on the context in which they are naturally very curious and always have just “one more question”. As the role deviates from the textbooks, it is becoming increasingly difficult practicing and their career level. Every fresh problem, domain, client, technology, and solution requires the for organisations, PDMS included, to agree on a concise job description to analyst to ‘drink from the firehose of information’ or to learn a lot in a short If this sounds like you, then this career might be for you too. fully illustrate the great features of the career. amount of time. The understanding required of the analyst allows you to sit at a unique vantage point and often you are likely to act as a ‘trusted 6. You will enjoy independence, advisor’, which is very rewarding. Here are my seven reasons for pursuing a flexibility and trust 3. It is fascinating and fun An experienced analyst will be self-organised, flexible and trustworthy. career in business analysis: At PDMS, workplace flexibility is cultivated for employees: this provides The analyst helps organisations to identify what must be changed and how The BCS (The Chartered Institute for IT) colleagues latitude about how goals are accomplished and promotes best to change it - a challenging yet fascinating environment to operate in. job satisfaction. defines the BA as: 1. Variety and new challenges Designing solutions to customer problems and making an impact is fun Speak to any analyst at PDMS, and they will describe experience of working and satisfying. In order to meet all of the user, business, and technology An advisory role which has the responsibility on projects across various industry sectors for a range of our clients. PDMS’ needs, we adopt a ‘Human Centred’ approach focused on empathising The ultimate goal is to delight our varied client portfolio, coupled with our continuous improvement model, with users and understanding how they will react to and interact with the for investigating and analysing business makes each project unique with interesting fresh challenges to overcome. design of services and products. customers through innovation and situations, identifying and evaluating options Technology is increasing our ability to build at an exponentially rapid rate, In ‘Design Thinking’, we use lots of fun collaborative tools to open our transformation. and companies purchasing this tech expect leaner, faster, and more agile creative minds including game-storming, problem reframing, user journey for improving business systems, elaborating solutions. In response, analysts must continue to develop to keep up with mapping, blueprinting, and prototyping. Sometimes having the free mind the demand and competition. There is no repetitive ‘doing the same old of a child, being playful and telling stories allows for more design freedom 7. We make a difference and a more enjoyable and memorable experience for all! and defining requirements, and ensuring things and expecting different results’ in our field. We may not be finding a cure for cancer or a vaccine for Covid-19, but we do help change and improve people’s daily experiences, which is The role requires you to wear ‘many hats’: you must be able to visualise rewarding. the effective implementation and use of both the big picture and the minutiae, to move between both the technical 4. Career prospects and business side of a solution, to be self-sufficient and facilitate groups. We are in a period of rapid reformation of business landscape. Economic, An analyst can add value from the inception of a project; helping the information systems in line with the needs You will work with lots of different people at all levels of an organisation technical, and now logistical challenges, identified during lockdown, business to look at things in new ways, establishing strong collaborative and two days are very rarely the same. have accelerated the need for digital innovation over traditional business relationships and identifying points of failure early. of the business. solutions. No doubt this presents bright possibilities in the future of the The ultimate goal is to delight our customers through innovation and 2. Every day is an opportunity to analyst. transformation. The demo of a solution you know is going to be a game Even if the BA profession dried up tomorrow (it won’t), the competencies changer, or when you receive that all-important customer kudos is what learn and grow developed by working as an analyst are sought after in progressively we analysts live for. inter-connected and fast-changing organisations. Projects are occasions to gain new skills, I will often draw more from one There are many more reasons I love my career, but I’ll leave it at seven and project than I will from any course or textbook. This is because we learn If you care about your prospects, this market is opening, you can become let you find out more by looking at our site: www.pdms.com or getting in and execute in a tight performance cycle, collaborating and solving a a member of a supportive global community and be well rewarded too. touch with our team.

| 27 During uncertain times, it can often pay to invest in stocks with defensive qualities

fter a bumper 2019 which included For instance, under the previous CVS several hugely enjoyable European managerial regime, detailed instructions Ajaunts and ended with a truly were issued to vets advising them magnifi cent fi ve-week trip to Australia, how to run their practices. Not 2020 has, by comparison, been surprisingly, this led to a extremely disappointing. And not mini-exodus of established only from a holiday perspective. professionals, many of whom It’s been the same for everyone. had successfully run their own practices for years; this resulted in We’ve had three proposed trips CVS having to hire expensive locum cancelled this year and have moved our practitioners in their wake. By contrast, Easyjet fl ights so frequently in the hope of under Mr Fairman, CVS now creates fi nding a sunny window of holiday opportunity a budget for each practice which that we could work in the company’s is controlled by the resident vet. bookings department. Result: fewer departures and lower As I write, however, we’re less than a staff turnover. week away from travelling to Cyprus, CVS’s recent share price an unexpected choice, but the fl ights performance resembles the classic are booked (naturally), boarding (and, for many fi rms, still sought- passes downloaded, accommodation The vet’s analysis proved spot-on. Between after) ‘V’ shape: in early February the arranged and car hire organised. With luck, 2017-18, CVS snapped up more than 110 company’s shares were priced at 1,250p; by by the time you’re reading this, my wife and I veterinary practices, raising £59 million mid-March they had plummeted to 706p but will be enjoying sun-soaked stretches of sand, via a share placing with which to fund the have since rallied to close at today’s 1,170p. landscapes steeped in ancient myth and a acquisitions, but not all were successfully The company has introduced a number of local cuisine which fuses Greek, Turkish and integrated and more than a handful initiatives, including its ‘Healthy Pet Club’ Mediterranean infl uences. underperformed. The resultant fall in the loyalty scheme, and in addition to its traditional Meanwhile, a well-worn ‘to do’ list, hanging company’s share price, from a high of 1,400p vet business, it generates revenues from around the kitchen since April’s holiday in November 2017 to a miserable 400p just 15 undertaking lab work and selling pet food and in Portugal was cancelled has only a few months later, eff ectively led to the departure of medicines online. Like our planned holiday outstanding tasks, one of which is to take our the company’s chief executive. schedule, pre-tax profi ts are likely to take a hit cat to the vet prior to transporting her to the The new man at the helm, Richard Fairman, this year but are forecast to rise by more than cattery where she’ll be treated like a princess appears to be considerably more focused 50% in 2021. for a couple of weeks. on improving CVS’s operations rather than During uncertain times, it can often pay to The small, family-run cattery is overseen by a splashing the cash and snapping up practices, invest in stocks with defensive qualities; wonderfully eccentric lady who must have a the future performance of which may be considering the manner in which the dozen cats of her own. She insists on allocating indiff erent. He’s already committed to closing company’s new management appears to have her ‘guests’ warm, spacious accommodation more than 30 under-performing CVS-branded turned the business around, it’s reasonable named after luxury hotels. Over the years, Cleo practices while introducing policies more suited to conclude that CVS falls squarely into the (our cat) has spent a week at the Ritz, long to a professional environment. defensive category. weekends at Claridge’s and, while we were Down Under, a lengthy stay at Raﬄ es. However, before Cleo’s forthcoming visit to Ramsey Crookall oﬀ er investors access to a range of international investment perhaps New York’s Plaza or Hong Kong’s and share dealing opportunities. For more details, contact Ramsey Crookall on Peninsular, she must have an up-to-date 01624 623884 or visit www.ramseycrookall.com certifi cate showing she’s had her booster vaccinations. These will be administered by our regular vet, a lovely man who retires next year. During our last visit to his practice, I asked him if he would fancy being bought out by CVS, the UK’s largest integrated veterinary services provider. “We’re too small,” he replied. “And besides,” he added, they went on an acquisition spree a few years ago and that didn’t work, although they seem to be turning For details of Ramsey Crookall’s investment management services, contact their Douglas things around.” offi ce on01624 623884 or visit their website: www.ramseycrookall.com

28 | During uncertain times, it can often FEATURE pay to invest in stocks with defensive qualities fter a bumper 2019 which included For instance, under the previous CVS several hugely enjoyable European managerial regime, detailed instructions Ajaunts and ended with a truly were issued to vets advising them magnifi cent fi ve-week trip to Australia, how to run their practices. Not 2020 has, by comparison, been surprisingly, this led to a extremely disappointing. And not mini-exodus of established only from a holiday perspective. professionals, many of whom It’s been the same for everyone. had successfully run their own practices for years; this resulted in We’ve had three proposed trips CVS having to hire expensive locum cancelled this year and have moved our practitioners in their wake. By contrast, Easyjet fl ights so frequently in the hope of under Mr Fairman, CVS now creates fi nding a sunny window of holiday opportunity a budget for each practice which that we could work in the company’s is controlled by the resident vet. bookings department. Result: fewer departures and lower As I write, however, we’re less than a staff turnover. week away from travelling to Cyprus, CVS’s recent share price an unexpected choice, but the fl ights performance resembles the classic are booked (naturally), boarding (and, for many fi rms, still sought- SPOTLIGHT passes downloaded, accommodation The vet’s analysis proved spot-on. Between after) ‘V’ shape: in early February the arranged and car hire organised. With luck, 2017-18, CVS snapped up more than 110 company’s shares were priced at 1,250p; by by the time you’re reading this, my wife and I veterinary practices, raising £59 million mid-March they had plummeted to 706p but will be enjoying sun-soaked stretches of sand, via a share placing with which to fund the have since rallied to close at today’s 1,170p. landscapes steeped in ancient myth and a acquisitions, but not all were successfully The company has introduced a number of local cuisine which fuses Greek, Turkish and integrated and more than a handful initiatives, including its ‘Healthy Pet Club’ Mediterranean infl uences. underperformed. The resultant fall in the loyalty scheme, and in addition to its traditional Meanwhile, a well-worn ‘to do’ list, hanging company’s share price, from a high of 1,400p vet business, it generates revenues from around the kitchen since April’s holiday in November 2017 to a miserable 400p just 15 undertaking lab work and selling pet food and in Portugal was cancelled has only a few months later, eff ectively led to the departure of medicines online. Like our planned holiday outstanding tasks, one of which is to take our the company’s chief executive. schedule, pre-tax profi ts are likely to take a hit cat to the vet prior to transporting her to the The new man at the helm, Richard Fairman, this year but are forecast to rise by more than cattery where she’ll be treated like a princess appears to be considerably more focused 50% in 2021. for a couple of weeks. on improving CVS’s operations rather than During uncertain times, it can often pay to The small, family-run cattery is overseen by a splashing the cash and snapping up practices, invest in stocks with defensive qualities; wonderfully eccentric lady who must have a the future performance of which may be considering the manner in which the dozen cats of her own. She insists on allocating indiff erent. He’s already committed to closing company’s new management appears to have her ‘guests’ warm, spacious accommodation more than 30 under-performing CVS-branded turned the business around, it’s reasonable named after luxury hotels. Over the years, Cleo practices while introducing policies more suited to conclude that CVS falls squarely into the (our cat) has spent a week at the Ritz, long to a professional environment. defensive category. weekends at Claridge’s and, while we were Down Under, a lengthy stay at Raﬄ es. However, before Cleo’s forthcoming visit to Ramsey Crookall oﬀ er investors access to a range of international investment perhaps New York’s Plaza or Hong Kong’s and share dealing opportunities. For more details, contact Ramsey Crookall on Peninsular, she must have an up-to-date 01624 623884 or visit www.ramseycrookall.com certifi cate showing she’s had her booster vaccinations. These will be administered by our regular vet, a lovely man who retires next year. During our last visit to his practice, I asked him if he would fancy being bought out by CVS, the UK’s largest integrated veterinary services provider. “We’re too small,” he replied. “And besides,” he added, they went on an acquisition spree a few years ago and that didn’t work, although they seem to be turning For details of Ramsey Crookall’s investment management services, contact their Douglas things around.” offi ce on01624 623884 or visit their website: www.ramseycrookall.com PENSIONS

SPOTLIGHT ON PENSIONS 2020

The uncomfortable truth about pensions is that the longer you ignore them and adhere to the old adage that they are something you don’t need to think about until you are much older, the more you undermine your long-term financial security. Pensions are a necessary evil – and, as governments continue to change the goalposts in terms of state pension provision - getting proper advice on private and workplace pensions is essential.

ake time to explore the changing pensions landscape and never stashing hard cash under the pillow, an alarming number of people opted worry about asking questions in order to gain some clarity in what for the latter. Always remember though that pensions are a long-term Tcan sometimes seem an opaque and frustrating process. investment. With changes to state pensions, the prospect of later retirement for millions of people, and the global turmoil in the wake of the Coronavirus pandemic, Workplace Pensions it’s a hot topic. If your employer offers a workplace pension they might also offer you Pensions have been under the spotlight for all the wrong reasons in recent access to advice or provide guidance about joining their scheme. years; the public pension deficit and falling returns on private pensions led You should take up this offer if available. to a crisis of confidence. Given the choice of frugal returns on a pension or If you’re looking to invest in a personal pension, to boost your existing pension or to merge different pots from existing pensions it’s usually best to get advice unless you have a deep understanding of how these products work. Pensions are long-term investments so you need to be sure you understand the types of fund you’re investing in, the risks and the suitability for your particular situation. The fluidity of the pensions market requires individuals to maintain vigilance at all times. Nuanced changes can have significant consequences. The point was highlighted in an article supplied to B365 this month by Jo Dugdale, Managing Director of Chartwell Financial Planners. She has drawn attention to the fact that Isle of Man residents who hold UK-approved personal pensions could be impacted after it was confirmed the minimum age for drawing a personal pension in the UK is to rise.

Continued on page 36...

30 | EDGEWATER

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Financial Planning Personal & Business Insurance Mortgage Solutions Life & Critical Illness Cover

Retirement Planning

Call and talk to our team today on 01624 654000 or email [email protected]

edgewater.co.im EDGEWATER

Edgewater Associates Limited is licensed by the Isle of Man Financial Services Authority and is registered with the Financial Services Authority in respect of General Business. IOM Company Registration Number 082727C. Registered office: 1st Floor, Clarendon House, Victoria Street, Douglas, Isle of Man, IM1 2LN. Added Value Services Employees of companies that provide a Workplace Pension or similar group EMPLOYEE BENEFITS | FINANCIAL ADVICE | CORPORATE INSURANCE protection solutions such as Life Insurance, Critical Illness, or Income Protection Scheme can access a range of services which attract no additional costs An Update from the Island’s Largest Workplace Pension Adviser to the member or the company.

This year has been a volatile time for Here at MAC, we have accelerated The PFS legislation (also known as the The services vary between providers both businesses and individuals. For several ongoing projects to assist 61H rules) allow members greater but all have a range of support toolkits employees, the unprecedented events individuals and companies to work flexibility in the retirement phase of their that members of the scheme can access. have demonstrated the value of having as efficiently as possible over the last pension. From the age of 55, members These services are in place to assist with both long-term and short-term savings few months and we are proud that the can now access 40% of their pension more regular problems and preventative as well as a financial adviser for guidance benefits of being a MAC client, whether as Tax Free Cash with full flexibility on measures, whilst the core policy is in on how best to respond and protect your corporate or private have increased due how to access the remaining 60% and place to deal with the hopefully rare life- savings and your family’s future. to this. Most of the enhancements, there is no longer any tax on death. The changing events. as for many other businesses in the only minor drawback was an increase in Companies have had to navigate extra World, have been digital, allowing for the age of being able to access benefits Benefits such as these, which are now employee stress and keep minds at a truly paperless process between (from 50-55), however PFS funds can used more regularly are becoming highly ease over the security of their pension the individual members, advisers and be transferred into the old 1989 rules, valued, now more than ever before. investments. In these situations, providers. Our Personal Finance Portal if members would like to access their the Added Value Services available (‘PFP’) allows clients to communicate pension (under the old rules) before the Employees and companies should have through MAC have come into their with us and access shared documents age of 55. every opportunity to take advantage of own. Mike Stringer, Group Protection through bank level security as well as the features available and how to access Consultant at MAC has been invaluable view their assets and liabilities online. MAC have worked hard to develop an them when in need. The table below is a in communicating the extra services efficient process for the implementation summary of the support available from available to employees and we have We have been able to achieve this while of the ‘PFS’ to make the process as various providers. described a few areas opposite of the at the same time, delivering the new easy as possible for Employers. We range of services available. Pension Freedom Scheme (PFS) solutions deliver the PFS communication through to over a hundred and fifty new schemes a variety of methods with multiple successfully. touchpoints to ensure that each individual scheme member is happy, and has a full understanding of the changes. This approach has proved very Company Pension popular with our clients and employees • Mobile and online tools as well as a wealth of engaging retirement planning as you navigate different stages of your information to help you with your pension investments and life. “ The Gryphon and is proving a success. We have also pioneered the roll out of the new PFS Income Protection is an ancient schemes via our ‘PFP’ • 24/7 Employee Assistance Programmes. (Pre-emptive for struggling employees. counselling and support to help staff manage day to day • Workplace Wellbeing support – Wellbeing and Mental health symbol of At MAC, we’re really proud of the way pressures). training options for you and your employees to maximise our team, clients and the whole of the • Mental Wellbeing and Health support mobile apps as well workplace happiness and efficiency. strength and Isle of Man have coped this year and counselling services and information resources for everyday • Remote GP Services, Access to secondary independent look forward to continuing a more advice (dept, children, bereavement). medical opinions. valour, and is efficient and paperless way of working in • Cancer Support Service for employees living and working with • Online and telephone-based business and legal support. 24/7 the future. cancer. legal, health and safety, HR and tax advice to employers. a guardian of • Intervention and return to work services with psychological/ wealth” musculoskeletal services. Return to work case management Critical Illness • Support from additional professional opinions to maximise • Quick, easy access for employers and employees to Cancer workplace and professional guidance at times of serious illness. support upon diagnosis, through treatment and after care. • Secondary independent medical opinions. • HR Advice for legal or incident follow up. • Personal Nurse Service. MAC Group are the experts in the field when it comes to workplace pensions. We are the largest • 24/7 Stress/Anxiety/Depression/Debt/bereavement Helplines. employee benefits adviser on the Isle of Man. To explore how you can further support your Life Insurance employees, please contact us for more information • Death of an employee can be difficult for your employee’s from accredited counsellors, for financial, tax and legal queries. dependants but also existing employees. Professional helplines • Probate Helpline – Access to experts to cover family dispute, available to assist with emotional, stress and practical support Wills, power of attorney. www.macgroup.im | 01624 639450 | [email protected] MAC Financial Limited is licensed by the Isle of Man Financial Services Authority MAC Financial Pension Trustees Limited is Registered with the Isle of Man Financial Services Authority as a Retirement Benefits Schemes Administrator MAC Commercial & Professional Risk Limited is Registered with the Isle of Man Financial Services Authority as an insurance intermediary in respect of General Business Added Value Services Employees of companies that provide a Workplace Pension or similar group EMPLOYEE BENEFITS | FINANCIAL ADVICE | CORPORATE INSURANCE protection solutions such as Life Insurance, Critical Illness, or Income Protection Scheme can access a range of services which attract no additional costs An Update from the Island’s Largest Workplace Pension Adviser to the member or the company.

This year has been a volatile time for Here at MAC, we have accelerated The PFS legislation (also known as the The services vary between providers both businesses and individuals. For several ongoing projects to assist 61H rules) allow members greater but all have a range of support toolkits employees, the unprecedented events individuals and companies to work flexibility in the retirement phase of their that members of the scheme can access. have demonstrated the value of having as efficiently as possible over the last pension. From the age of 55, members These services are in place to assist with both long-term and short-term savings few months and we are proud that the can now access 40% of their pension more regular problems and preventative as well as a financial adviser for guidance benefits of being a MAC client, whether as Tax Free Cash with full flexibility on measures, whilst the core policy is in on how best to respond and protect your corporate or private have increased due how to access the remaining 60% and place to deal with the hopefully rare life- savings and your family’s future. to this. Most of the enhancements, there is no longer any tax on death. The changing events. as for many other businesses in the only minor drawback was an increase in Companies have had to navigate extra World, have been digital, allowing for the age of being able to access benefits Benefits such as these, which are now employee stress and keep minds at a truly paperless process between (from 50-55), however PFS funds can used more regularly are becoming highly ease over the security of their pension the individual members, advisers and be transferred into the old 1989 rules, valued, now more than ever before. investments. In these situations, providers. Our Personal Finance Portal if members would like to access their the Added Value Services available (‘PFP’) allows clients to communicate pension (under the old rules) before the Employees and companies should have through MAC have come into their with us and access shared documents age of 55. every opportunity to take advantage of own. Mike Stringer, Group Protection through bank level security as well as the features available and how to access Consultant at MAC has been invaluable view their assets and liabilities online. MAC have worked hard to develop an them when in need. The table below is a in communicating the extra services efficient process for the implementation summary of the support available from available to employees and we have We have been able to achieve this while of the ‘PFS’ to make the process as various providers. described a few areas opposite of the at the same time, delivering the new easy as possible for Employers. We range of services available. Pension Freedom Scheme (PFS) solutions deliver the PFS communication through to over a hundred and fifty new schemes a variety of methods with multiple successfully. touchpoints to ensure that each individual scheme member is happy, and has a full understanding of the changes. This approach has proved very Company Pension popular with our clients and employees • Mobile and online tools as well as a wealth of engaging retirement planning as you navigate different stages of your information to help you with your pension investments and life. “ The Gryphon and is proving a success. We have also pioneered the roll out of the new PFS Income Protection is an ancient schemes via our ‘PFP’ • 24/7 Employee Assistance Programmes. (Pre-emptive for struggling employees. counselling and support to help staff manage day to day • Workplace Wellbeing support – Wellbeing and Mental health symbol of At MAC, we’re really proud of the way pressures). training options for you and your employees to maximise our team, clients and the whole of the • Mental Wellbeing and Health support mobile apps as well workplace happiness and efficiency. strength and Isle of Man have coped this year and counselling services and information resources for everyday • Remote GP Services, Access to secondary independent look forward to continuing a more advice (dept, children, bereavement). medical opinions. valour, and is efficient and paperless way of working in • Cancer Support Service for employees living and working with • Online and telephone-based business and legal support. 24/7 the future. cancer. legal, health and safety, HR and tax advice to employers. a guardian of • Intervention and return to work services with psychological/ wealth” musculoskeletal services. Return to work case management Critical Illness • Support from additional professional opinions to maximise • Quick, easy access for employers and employees to Cancer workplace and professional guidance at times of serious illness. support upon diagnosis, through treatment and after care. • Secondary independent medical opinions. • HR Advice for legal or incident follow up. • Personal Nurse Service. MAC Group are the experts in the field when it comes to workplace pensions. We are the largest • 24/7 Stress/Anxiety/Depression/Debt/bereavement Helplines. employee benefits adviser on the Isle of Man. To explore how you can further support your Life Insurance employees, please contact us for more information • Death of an employee can be difficult for your employee’s from accredited counsellors, for financial, tax and legal queries. dependants but also existing employees. Professional helplines • Probate Helpline – Access to experts to cover family dispute, available to assist with emotional, stress and practical support Wills, power of attorney. www.macgroup.im | 01624 639450 | [email protected] MAC Financial Limited is licensed by the Isle of Man Financial Services Authority MAC Financial Pension Trustees Limited is Registered with the Isle of Man Financial Services Authority as a Retirement Benefits Schemes Administrator MAC Commercial & Professional Risk Limited is Registered with the Isle of Man Financial Services Authority as an insurance intermediary in respect of General Business BAKER TILLY ISLE OF MAN IS RECOGNISED AS A LEADING OFFSHORE PENSION SERVICE PROVIDER

The number of options themselves can get very confusing • Does it automatically include a Pension Freedoms – managed compared to self-administered; allowable asset Scheme (“PFS”) option at no extra cost? types; the list goes on. Add to this the current circumstances of • Are the provider and advisors fully engaged at employer individual employees, which is a constantly changing aspect, and employee level, ensuring that all scheme members and it is clear that regularly reviewing each aspect of a pension are appropriately advised and invested, according to can be an onerous task, but one we can help you with. their individual circumstances? There is a common misconception amongst many • Is it professionally administered locally in the Isle of Man individuals and employers alike that there is no credible and under Isle of Man rules? comprehensive alternative to a life company managed group pension scheme. This is not the case. When looking at your • Is it actively and professionally invested in a wide existing arrangements or looking to establish a new one, you ranging and cost-effective investment universe? may wish to ask yourself the following questions about the plan: • Is online access to view and manage your account available?

There is a common misconception that there is no credible alternative to a life company managed group pension scheme

We strongly advise anyone to take advice and get a considered opinion, whether you are starting a new pension or just giving your current pension a health check. This is something we would arrange to carry out with you and would continue to do so annually with employers and staff. It should also be remembered that although most news headlines tend to focus on the newest available product it really is worth bearing in mind the traditional types of pensions – they have been around a long time for a reason. With the increasingly complex nature of pension legislation, regulation and rules, it is essential that pension scheme trustees, employers and scheme members have relevant expertise available to them. So, whether you are a company or an individual, Baker Tilly Isle of Man can help you with all your pension needs and details of all the services and types STUART CLIFFORD, DIRECTOR AT BAKER TILLY ISLE OF MAN, LOOKS AT of pension we can offer can be found at www.bakertilly.im/service/retirement-solutions/.

e understand that employers have their own to them at the time, may not be the most suitable option any businesses to run and manage, without having longer. Whilst time may be at a premium to consider these Wto review all the different options available in the matters, it is imperative that employers do so, indeed, a pensions industry at present to figure out which suits their responsible employer is duty bound to. www.bakertilly.im needs and those of their employees. All employers should ask the questions: are the current It is however vitally important that all employers understand that arrangements still viable and cost effective? Do they achieve Baker Tilly Isle of Man Fiduciaries Limited and Baker Tilly Isle of Man LLC, both trading as Baker Tilly Isle of Man, are members of the global network of Baker Tilly in an ever-changing world, what they provide their workforce the desired results and remain appropriate for the employees’ International Ltd., the members of which are separate and independent legal entities. now, which may have been the only option made available current circumstances? Licenced by the Isle of Man Financial Services Authority

34 | BAKER TILLY ISLE OF MAN IS RECOGNISED AS A LEADING OFFSHORE PENSION SERVICE PROVIDER

There is a common misconception that there is no credible alternative to a life company managed group pension scheme

AN ALTERNATIVE OPTION FOR If you would like any further information and to have a no obligation chat then please GROUP PENSIONS contact Stuart Clifford at [email protected] or on 01624 693900. Like any other pension, a Group Pension should be designed to provide employers and their staff with an appropriate solution during both their working life and in retirement. e understand that employers have their own to them at the time, may not be the most suitable option any businesses to run and manage, without having longer. Whilst time may be at a premium to consider these Wto review all the different options available in the matters, it is imperative that employers do so, indeed, a pensions industry at present to figure out which suits their responsible employer is duty bound to. www.bakertilly.im needs and those of their employees. All employers should ask the questions: are the current It is however vitally important that all employers understand that arrangements still viable and cost effective? Do they achieve Baker Tilly Isle of Man Fiduciaries Limited and Baker Tilly Isle of Man LLC, both trading as Baker Tilly Isle of Man, are members of the global network of Baker Tilly in an ever-changing world, what they provide their workforce the desired results and remain appropriate for the employees’ International Ltd., the members of which are separate and independent legal entities. now, which may have been the only option made available current circumstances? Licenced by the Isle of Man Financial Services Authority

| 35 PENSIONS

Jo explained: “Savers who pay into a personal pension, either directly or through their workplace, can currently access their money aged 55, but that is due to increase to 57 in 2028 as a result of increased life expectancy.” Jo is encouraging residents, unsure how they could potentially be affected, to seek advice: “Although this has not yet been brought into law, the fact there are proposals for this legislation means it’s important people are prepared for this change as some individuals will have to revisit or adjust their retirement income plans. ‘This announcement will particularly impact on those who are due to reach their 55th birthday just after the cut off, sometime in 2028, so fortunately is well in advance to give those savers plenty of time, as well as allow people without one to make their own financial plan. “This change may affect Isle of Man residents who hold UK-approved personal pensions if they were previously resident in the UK or if they are a member of an employer scheme on the Island which is a UK- approved scheme. UK tax rules can apply after a UK personal pension Securing your future with a tailored has been transferred to the Island, regardless of how long you have pension plan is probably one of the been a non-resident.” best moves you can make. Jo continued: ‘Seeking advice on pensions is often left until retirement age but there can be significant benefits to getting advice early, especially if you are an Island resident with a UK-approved personal pension. While the change in 2028 seems some time away, now is the time to understand if and how this will impact on your retirement planning.” The important thing with pensions is never to allow yourself to become paralysed with fear. Fundamentally a pension is little more than a long-term, tax efficient savings plan, to provide you with security in later life. Saving into one scheme doesn’t mean you can’t save into another. Some schemes are set up by your employers, others you can

Continued on page 40...

36 | THE INTEREST RATE BUBBLE This is actually lower than the rate of But how long can this carry on before to find investments that are able to inflation, so your investment is almost the interest rate bubble bursts and maintain their real value in the face of guaranteed to lose value. What’s what options do long term investors rising inflation. Real assets such as more, there is a very real risk that have if it does? Gold have been a particular favourite inflation may increase over the next 10 If Japan is any guide, then the of the market in recent times, with the years to offset the vast quantities of interest rate bubble could continue price exceeding $2,000 an ounce in quantitative easing (money printing) for a very long time. Japanese August. Gold is indeed a good hedge that governments and central banks government bond yields fell below against inflation, but the metal itself has have now come to rely on. 2% in the mid 1990’s and have never little practical value and must simply If you want to hedge the risk of inflation, exceeded this level since. In fact, be stored at not inconsiderable cost. you can do so by buying index linked Japanese government bond yields The cost of ownership is dependent Gilts, but to do so, you must accept have hovered around zero or negative on interest rates, and Gold prices have typically demonstrated inverse By David Long a negative yield of -2.9%, which even for the past 5 years, so there is no when you add back the inflation reason to assume that UK interest correlation to US interest rates. If those Chief Investment Officer at element, still gives you a negative real rates will rise quickly or indeed rates are expected to rise, then Gold’s Capital International Group yield of over -1% per annum. anytime soon. allure may quickly fade. If, like me, you are approaching Other real assets such as land and th your 50 birthday, then re-fixing 450 commodities should fare better, as your mortgage is likely to be a limited supply together with critical utility 400 somewhat surreal experience. value enable these assets to at least 350 keep pace with inflation. But it is equities Five years ago, I fixed my mortgage at that perhaps offer the best value to an interest rate of around 2.5%. At that 300 long-term investors. Not just any time, I thought this was extraordinary 250 equities but crucially companies that are and an opportunity I was unlikely to see 200 innovating and using technology in all again. I remember being very frustrated its forms to increase productivity, as has that I could not arrange a 10-year fix. 150 been demonstrated by the extraordinary Thank goodness I couldn’t, as I have 100 rise in a relatively small number of just re-fixed my mortgage for the next 2000 2005 2010 2015 2020 mega-tech companies. 5 years for a little over 1.25%. SOURCE: TRADINGECONOMICS.COM | NATIONWIDE BUILDING SOCIETY, UK Rising productivity is the best antidote To put this into perspective, when In practical terms, this means that you In the near term, the repercussions to the challenges of the next decade. we bought our first house, a 5-year will never be able to save sufficiently of the COVID-19 pandemic and the This will not come from the bureaucracy fixed rate was in the region of 8.5%. Of during your working life to be able resulting lockdown, mean a demand of central government or from monetary course, as interest rates have fallen, to generate a reasonable pension deficit is likely to remain in the UK for policy or from the weight of ever more house prices have risen as illustrated income from government bonds. It some time. This suggests that we have regulation. Productivity arises from right. is an extraordinary sign of the times little to immediately fear from inflation, human ingenuity and an environment The problem for anyone starting out that many investors are still prepared as interest rates will need to remain low that enables a degree of controlled on the housing ladder today is not to lend to the government on these to stimulate the economy. The longer- risk taking. Throughout history, it therefore the cost of borrowing, but terms, knowing that they will lose value term outlook, however, is far from clear. is free-markets and companies in the rise in house prices which have in real terms, but preferring this to the The response to COVID-19 has also particular that have consistently proven increased by almost 450% since the risk that asset prices may fall during pushed government debt to a record themselves to be crucibles of innovation late 90’s. The great worry is what that time. £2 trillion, 500% higher than at the turn and progress. happens when, or if, the great bull cycle Defined benefit pension schemes of the millennium and breaching 100% For investors, safe havens are likely to in interest rates starts to reverse. Will face a particularly challenging set of of GDP for the first time since 1963. be hard to find over the next decade, homeowners face the prospect of circumstances, as they have a known This level of debt is not sustainable and but investment returns are likely still falling house prices and at the same set of future pension liabilities to pay, is certainly not consistent with negative to be found in those companies that time borrowing costs increase? which increase as yields fall. To hedge real yields. The most likely way in are dynamic enough to respond to the Investors and savers face a similar against this interest rate risk, actuaries which this imbalance will correct itself changing environment and innovative challenge. Falling interest rates have and indeed regulation have made is through a pickup in inflation over enough to challenge the status quo. propelled asset prices higher, while the such schemes to effectively become the medium term, steadily eroding the expected return on those investments forced buyers of Gilts, regardless of value of all that debt, which in turn will Disclaimer: The views, thoughts and opinions push up yields and interest rates. expressed within this article are those of the has fallen. Traditional safe haven the fact that such investments provide author, and not those of any company within the investments, such as UK government no real return to their members. This, In such an environment, traditional Capital International Group (CIG) and as such are bonds, yield almost nothing. You will in turn, has pushed Gilt yields lower, safe haven investments such as neither given nor endorsed by CIG. Information in receive a paltry 0.25% a year for the necessitating greater purchases of yet government bonds or cash may prove this article does not constitute investment advice or an offer or an invitation by or on behalf of any privilege of lending your hard-earned more Gilts – a vicious cycle that has themselves to be anything but safe. company within the Capital International Group of savings to the government for 10 years. played out now for over 20 years. Instead, savers and investors will need companies to buy or sell any product or security.

| 37 t

SECURING YOUR FINANCIAL FUTURE With most of us experiencing such busy lifestyles, professionally and personally, it’s not unusual to struggle to find time to plan for your financial future.

Your financial goals may involve achieving financial independence, investing for a future event or simply gaining clarity and peace of mind. Either way, Wilton believes the cost of choosing the “wrong” option can be costly so it’s never too early to start planning for a secure financial future. A little preparation can go a long way! Wilton’s team of highly-qualified experts can help with: n Pensions and pension planning n Investment planning n Wealth management n Taxation planning n Income protection n Trust and Estate planning n Accountancy fter all, it’s natural to get caught up in the here n Corporate finance and now of life, especially with a family and A particularly when that family is made up of dependents who zap time, energy and money! However, while that means personal finance matters often fall to the bottom of the pile, it is important to take a moment to think and look ahead to the long term.

This is where Isle of Man-based financial services firm

Wilton can help – ensuring you think about what’s HOW WILTON CAN HELP Compiling important to you, your family, your lifestyle, your home and making sure they are all protected. Led by an experienced team of specialists, Wilton a sound prides itself on establishing long-lasting relationships As a leading independent professional services with business partners and clients by providing a financial plan company, Wilton is ideally placed as a trusted adviser, professional, friendly and discreet service, helping to help you control your day-to-day finances and plan can act as the clients achieve their financial goals. for that unforeseen ‘rainy day’. As well as the Isle of Man, Wilton has offices in London, T foundation Compiling a sound financial plan can act as the Dublin, Dubai, Bristol and Blackburn, providing a foundation for your future and help reduce financial for your personal and fully integrated range of advisory services stress. future and to corporates, entrepreneurs, retail clients and high-net- Financial stress can be caused by: worth individuals and their families. help reduce n Income irregularity Protect yourself and your family by making plans today. n Cash flow, e.g twice-yearly tax bill payments financial To find out how Wilton can help give you financial n Family protection peace of mind, leaving you free to focus on your stress. n The financial implications of being self-employed extensive work demand, call +44 (0)1624 664307.

38 |

Business 365 _ Final V2_embeded_fonts.indd 1 21/09/2020 13:47:29 t

SECURING YOUR FINANCIAL FUTURE With most of us experiencing such busy lifestyles, professionally and personally, it’s not unusual to struggle to find time to plan for your financial future.

This is where Isle of Man-based financial services firm

Business 365 _ Final V2_embeded_fonts.indd 1 21/09/2020 13:47:29 PENSIONS

start independently. Whilst it is advisable to start paying into pensions at the earliest opportunity, in order to maximise your return, it is almost never too late to get the ball rolling.

It’s important people are prepared for this change as some individuals will have to revisit or adjust their retirement income plans.

Whereas in the past many people were happy to rely on their state pension when they hit retirement age, this is no longer a safe strategy. Governments around the world are grappling with huge pension fund deficits, and in order The Isle of Man is home to many reputable to counter the huge costs involved in us living pensions providers and independent longer, some are raising the age at which state professionals who can offer you up to date pensions become payable. information and advice. In these days of In the current climate nobody can safely rely uncertainty securing your future with a on state pensions to see them through their tailored pension plan is probably one of the twilight years. best moves you can make.

Boal & Co Pensions Investment in a Pensions Freedom world For many years, employees’ decisions on their investments in a company pension scheme were relatively straightforward. AT RETIREMENT your fund would be used to buy an annuity which would pay you an income for life, so an adviser may recommend that risk and volatility be reduced as you approached retirement to ensure that your fund wasn’t subject to a large drop on the day that you retired. In recent years more people have opted to take an income directly from their fund, known as income drawdown. Now under Pension Freedom Scheme (PFS) rules income can be taken as and when you require it and at any amount you choose. Any monies not taken each year would remain invested, so for example if 5% was taken in one year the remaining 95% would remain invested. Example The life expectancy of a 60 year old man is to age 85, so some of the fund would be invested for 1 year and some for up to 25 years. Therefore if he was retiring in the next year he would previously have been advised to move into very safe investments in the years leading up to retirement. However using drawdown some of the fund would be taken in year one (for tax free cash for example) with the balance being invested for up to 25 years or more. This requires a totally different investment strategy. Many pension providers have developed so called “Lifestyle” investment options that automatically change strategy dependent on a person’s age i.e. higher risk / reward when a long way from retirement and lower risk and cash as retirement approaches. These are traditionally targeted at buying an annuity at retirement and with some pensions schemes this is the only option available without transferring to a personal pension with another provider incurring additional costs. With the evolution of income drawdown and now, the new PFS arrangements, individuals within the same company or group scheme will each have their own unique objectives, requiring different amounts of income at varying times. Each of these outcomes require an individual attitude to investments. To align with income drawdown in retirement and the new PFS regulations, Boal & Co’s REWARDS Group Personal Pension Plan has a wide range of investment options and varying outcome Lifestyle strategies to complement your exact requirements, from an income for life, lump sum and income, full encashment and, if required, annuity purchase. To find out more call 01624 606606 or visit our website www.boal.co.uk

Boal & Co (Pensions) Limited. Authorised by the Isle of Man Financial Services Authority under the Retirement Benefits Schemes Act 2000 as a Professional Schemes Administrator number RA010. Registered in the Isle of Man number 104242C. Registered Office: Marquis House, Isle of Man Business Park, Douglas, Isle of Man, IM2 2QZ. Telephone: +44 (0)1624 606606 Email: [email protected] Website: www.boal.co.uk 40 | Boal & Co Pensions Looking at the people who keep the wheels of commerce turning on the Island; features, profi les, achievements and stories with a human dimension.

HIGH CHAMBERS RANKING FOR aw fi rms and individual lawyers are ranked in bands from 1-6, with Band 1 being the best. The qualities on which rankings are assessed include SIMCOCKS L technical legal ability, professional conduct, client service, commercial astuteness, diligence, commitment, and other qualities most valued by the client. Simcocks has a dedicated Trusts team for both non-contentious and contentious matters, acting for both corporates and private clients. The team work on the creation, administration and restructuring of trusts and foundations, advising a mixture of corporate trustees, high net worth families and individuals. They also liaise with the fi rm’s litigation department on contentious matters relating to trusts. CEO Phil Games received a Band 1 ranking, and is well respected for his private client practice. Chambers sources say: “He knows about the law as much as anyone and his commercial advice is spot-on,” and “That might be even more important as, in today’s world, knowing the law is a prerequisite, and good commercial judgement makes you stand out. Phil has that in Kevin O’Loughlin Phil Games spades.” Law fi rm, Simcocks, has achieved outstanding Kevin O’Loughlin received a ‘star’ ranking, given to lawyers with exceptional results in the Chambers & Partners 2021 recommendations in their fi eld. He worked in-house at a large trust company on the island for a number of years before joining Simcocks in 2007, where he High Net Worth guide, with the fi rm and its advises professional trustees on trust administration. Chambers sources have CEO receiving a Band 1 ranking, and one commented: “He is very good and is very knowledgeable about pre-fund of the fi rm’s advocates receiving a ‘Star’ trusts and other complex issues,” and “he is a very good lawyer who knows Recommended Lawyer status.The Firm has his stuff .” been ranked in the highest category under Phil Games told B365: “I’m delighted that Chambers & Partners has once again judged Simcocks to be worthy of this prestigious recommendation. It is Oﬀ shore Trusts with a special mention to a high benchmark for our industry, and one we intend to keep striving to meet advocates Phil Games and Kevin O’Loughlin. and exceed.”

SBOTOP BRINGS IN DWAYNE BRAVO AS NEW BRAND AMBASSADOR SBOTOP HAS ANNOUNCED ITS NEW PARTNERSHIP WITH CRICKET ICON he partnership will see the former West Indies captain Just a week ago, the brand inked a multi-year sponsorship Tbecome SBOTOP brand ambassador. deal with English Premier League club Leeds United as Dwayne Bravo said: ‘It’s always a pleasure to partner with their principal club sponsor. global brands and this time the feeling is no diff erent. I’m SBOTOP is a global online betting platform that strives looking forward to working with SBOTOP and I’m excited to to give its customers the best e-gaming experience with see what the future has in store for this team.’ its comprehensive suite of products ranging from sports, SBOTOP executive director Bill Mummery added: ‘We are live casino and slot games available on both desktop and delighted to enter into a partnership with Dwayne Bravo, a mobile. global athlete who is in a class of his own with an enormous Dwayne Bravo was a key member of the West Indies team fan base. that won the 2012 ICC World Twenty20 and 2016 ICC World ‘With Bravo on board, we are in a position to work towards Twenty20 championships. He became the fi rst bowler to our goals as we look to expand our reach into the take 400 T20 wickets. Bravo also started his singing career global market. These are the exciting times for us in 2014 and released his fi rst single ‘Champion’ back in and we are delighted to be working with Dwayne to 2016 to commemorate their win in the 2016 ICC World achieve our goal.’ Twenty20 Championships.

To learn more, go on over at https://in.sbotop.com/ and follow us on Facebook, Instagram and Twitter.

| 41 PAUL SPELLER takes a left-fi eld look at the issues of the moment IT’S BEEN A WHILE Thirty years ago, a skinny teenager with long hair arrived on these shores to start out as a junior reporter. ow, several hair cuts later, a not-so- through the veins of a creaking skinny former editor with hair once parliament. Every single one Nmore hanging below the shoulders, wants to change things. is still typing away and still watching what is But to make eff ective change, fi rst you going on in Tynwald. have to understand why things are the But is he despondent? way they are. That is not to say don’t try to change things – one other thing is clear is Well, there are times when being sat on the that change is always necessary – but don’t press bench looming over the House of Keys make a pig’s ear of it because you didn’t really can be truly disheartening. Although at least do your homework. that press bench is more roomy than the fl oor level off ering in Tynwald, which has the added Learning to accept not everyone will agree hazard of bored reporters having to listen to with you is also crucial. Apart from the fact witty asides from MHKs as they perch next to a willingness to give considered thought to you while they await their opportunity to slip other points of view will make you better back into the chamber. informed, it’s also going to make your state of mind a lot better. When David Cretney retired from politics If you are an MHK, never, this year, it meant that there was not a single If you are an MHK, never, ever moan about ever moan about your member of the Island’s parliament left who was your workload or pay rates. Similarly don’t there when I fi rst started. complain that people grumble about the workload or pay rates. three-month parliamentary recess. In that time, annoyed every single chief opportunities you edge yourself into, consider minister, been threatened by an MHK whose You’re servants of the public. We pay your whether your involvement is making matters mathematic ability I questioned, sworn at by wages, we fund your expenses and we roll better for anyone other than yourself – and another for airing the views of opponents and our eyes when you bemoan the fact that whether your absence would in any way make criticised on the fl oor of Tynwald for saying nobody appreciates how hard it is for you. things worse. mischievous things about senior politicians. You should be grateful because maybe it will give you a sense of what it must be like to be In these days of glorious multimedia coverage On the upside, I’ve also been chased down a a teacher, a refuse collector, a nurse, a doctor, of politics, try to remember that the audience corridor by one renowned grumpy politician a shop worker, a lone parent or anyone who you are playing to is not the other politicians to apologise for their rudeness, shared many works without the comfort of a guaranteed job in the chamber, it’s not even the media an off -the-record tale and every now and then for fi ve years. representatives who have the good fortune to witnessed a genuine moment of history. Also, learn to spot the diff erence between be watching you. It’s the public. The faces may change in Tynwald, but some valid criticism and abuse. The former you For governments in particular, people want other things do not. should welcome, the latter you should not product, not process. For instance, after 30 years of sitting in have to put up with. For all the praise bestowed on this the diff erent chambers of our tricameral Former ministers/department members: government for its handling of the pandemic, parliament, I believe that if self-importance when criticising your predecessors and the fascination with process has delayed could be converted into re-usable energy then erstwhile colleagues, make sure that it is over product in many other areas. One committee we’d be able to power the whole island on something that you could have acted upon report seems to lead to another, instead of fossils fuel. when you were there, but chose not to. action. Tynwald itself often seems reluctant to I have discovered is the most valuable make a decision. You can only resign from a government/ asset a politician can have is conscious parliamentary role so many times before It’s what we elect you for and, in just under a unconsciousness. In other words, know what people will start to think that you might be year’s time, we will be considering how many you don’t know. the problem rather than what you were being issues that were going to be tackled in 2016 This is particularly true for those starting out in asked to do. have actually been addressed, and how many Tynwald. are still being investigated. Quality rather than quantity. Whether it is Every fi ve years we are treated to well- the questions you table, the quotes you And, fi nally, can we go whole hog for Tynwald meaning and genuine new blood pumping are always ready to give, or the photo Day and opt for stovepipe toppers?

42 | HSBC CEO SUE FOX RECOGNISED AS CHAMPION FOR PAUL SPELLER takes a left-fi eld look at the issues of the moment IT’S BEEN A WHILE Thirty years ago, a skinny teenager with long hair DIVERSITY arrived on these shores to start out as a junior reporter. ow, several hair cuts later, a not-so- through the veins of a creaking INCLUSION skinny former editor with hair once parliament. Every single one Nmore hanging below the shoulders, wants to change things. is still typing away and still watching what is But to make eff ective change, fi rst you going on in Tynwald. & have to understand why things are the Sue Fox, CEO, HSBC Channel But is he despondent? way they are. That is not to say don’t try to Islands and Isle of Man has been change things – one other thing is clear is Well, there are times when being sat on the that change is always necessary – but don’t recognised for the second time in press bench looming over the House of Keys make a pig’s ear of it because you didn’t really can be truly disheartening. Although at least the HERoes 100 Women Executives do your homework. that press bench is more roomy than the fl oor List, for her eﬀ orts to create a more level off ering in Tynwald, which has the added Learning to accept not everyone will agree diverse and inclusive workplace. hazard of bored reporters having to listen to with you is also crucial. Apart from the fact Sue Fox has long been a champion for equality and witty asides from MHKs as they perch next to a willingness to give considered thought to inclusion in the workplace. She is a Global Ambassador you while they await their opportunity to slip other points of view will make you better for HSBC Balance, which promotes gender diversity back into the chamber. informed, it’s also going to make your state of across the fi rm. In the Channel Islands and Isle of Man, mind a lot better. When David Cretney retired from politics If you are an MHK, never, Sue is HSBC’s executive ambassador for International this year, it meant that there was not a single If you are an MHK, never, ever moan about Women’s Day and the lead executive sponsor of HSBC’s ever moan about your Diversity and Inclusion Allies group, which works to member of the Island’s parliament left who was your workload or pay rates. Similarly don’t cement an inclusive culture in the workplace. there when I fi rst started. complain that people grumble about the workload or pay rates. three-month parliamentary recess. The HERoes 100 Women Executives List is part of In that time, annoyed every single chief opportunities you edge yourself into, consider INvolve’s global HERoes Women Role Model Lists, minister, been threatened by an MHK whose You’re servants of the public. We pay your which showcase leaders who are championing women whether your involvement is making matters mathematic ability I questioned, sworn at by wages, we fund your expenses and we roll in business and driving change for gender diversity in better for anyone other than yourself – and another for airing the views of opponents and our eyes when you bemoan the fact that the workplace across the world. Representing multiple whether your absence would in any way make criticised on the fl oor of Tynwald for saying nobody appreciates how hard it is for you. sectors and industries, those on our HERoes Role things worse. mischievous things about senior politicians. You should be grateful because maybe it will Model Lists have not only achieved success in their give you a sense of what it must be like to be In these days of glorious multimedia coverage own careers but used this to actively drive for more On the upside, I’ve also been chased down a a teacher, a refuse collector, a nurse, a doctor, of politics, try to remember that the audience inclusive workplaces. INvolve are a global network corridor by one renowned grumpy politician a shop worker, a lone parent or anyone who you are playing to is not the other politicians and consultancy championing diversity and inclusion in to apologise for their rudeness, shared many works without the comfort of a guaranteed job in the chamber, it’s not even the media business. an off -the-record tale and every now and then for fi ve years. representatives who have the good fortune to In the community, Sue has given the diversity and witnessed a genuine moment of history. inclusion agenda the highest visibility. She is the Also, learn to spot the diff erence between be watching you. It’s the public. The faces may change in Tynwald, but some Executive Corporate sponsor of The Diversity Network in valid criticism and abuse. The former you For governments in particular, people want other things do not. Jersey, which introduced a new D&I category at the Pride should welcome, the latter you should not product, not process. of Jersey awards, and has been shortlisted for Diversity For instance, after 30 years of sitting in have to put up with. For all the praise bestowed on this Ally of the Year at the British Diversity awards. the diff erent chambers of our tricameral Former ministers/department members: government for its handling of the pandemic, Sue told B365: “I’m delighted to have been included on parliament, I believe that if self-importance when criticising your predecessors and the fascination with process has delayed the HERoes 100 Women Executives list again this year. could be converted into re-usable energy then erstwhile colleagues, make sure that it is over product in many other areas. One committee The promotion of diversity and inclusion in the workplace we’d be able to power the whole island on something that you could have acted upon report seems to lead to another, instead of is important to me personally but it is also absolutely fossils fuel. when you were there, but chose not to. action. Tynwald itself often seems reluctant to essential to the success and productivity of a business. I have discovered is the most valuable make a decision. You can only resign from a government/ Many organisations don’t lack female talent or ambition. asset a politician can have is conscious parliamentary role so many times before It’s what we elect you for and, in just under a What will accelerate gender diversity now is breaking unconsciousness. In other words, know what people will start to think that you might be year’s time, we will be considering how many down perceptions, showcasing female role models in you don’t know. all levels and types of role, and addressing unconscious the problem rather than what you were being issues that were going to be tackled in 2016 bias. With more awareness and role modelling, education This is particularly true for those starting out in asked to do. have actually been addressed, and how many and conversation around gender, LGBT+ and all forms of Tynwald. are still being investigated. Quality rather than quantity. Whether it is diversity, we are creating a more inclusive culture where Every fi ve years we are treated to well- the questions you table, the quotes you And, fi nally, can we go whole hog for Tynwald people are valued because of, and not in spite of, their meaning and genuine new blood pumping are always ready to give, or the photo Day and opt for stovepipe toppers? diff erences.”

| 43 Who, what, where – a comprehensive appointments section keeping you abreast of all the movements within the business community.

THE LATEST JOBS NEWS FROM THE ISLE OF MAN BUSINESS COMMUNITY

44 | Who, what, where – a comprehensive appointments section keeping you abreast of all the movements within the business community. LifestyleHELPING YOU MAKE THE MOST OF WORK AND PLAY THE LATEST JOBS NEWS FROM THE ISLE OF MAN BUSINESS COMMUNITY

Board changes at Nedbank Private Wealth Edgewater invests in the future of fi nancial advice Nedbank Private Wealth has announced the appointments of Andrew profession with four new appointments Corlett OBE and Jeremy Wilson as independent non-executive directors. Edgewater, the Isle of Man’s largest independent fi nancial advice fi rm, Andrew has also been appointed as chairman of the board for the has announced the appointment of four new advisers. Samantha Hall company’s trust business, Nedgroup Trust. John Harris, who joined the and Terrence Lundin have been appointed as Financial Consultants Nedbank Private Wealth board last year as a non-executive director, has in the Private Client team, and Emma Keogh and Kyle Crouser as also joined the board of Nedgroup Trust. Protection Advisers. All four bring a wealth of experience to their Andrew Corlett (pictured) is a non-practising respective roles from diverse backgrounds. English solicitor and Manx advocate and is a Terrence and Samantha in the Private Client team will specialise in past president of the Isle of Man Law Society. off ering holistic advice on investments, pensions, and insurance to He served as chairman and managing director Edgewater’s non-corporate client base. Both Samantha and Terrence of the legal and professional services group are members of the Personal Finance Society and hold the Level 4 Cains from 1998 to June 2018, during which Diploma in Regulated Financial Planning. time the fi rm received the Queen’s Award for Terrence left his native South Africa and lived in London for 8 Excellence in International Trade. years before moving to the Island in 2008. His passion – beyond Andrew has served on many Isle of Man government and supranational spending time with his wife, son, and dogs – is providing excellent committees, and his former non-executive directorships include chairman service and helping people to achieve their fi nancial goals. of Barclays Private Clients International, and companies within the HSBC Samantha has been with Edgewater for 6 years and, through her and Swire Groups. Currently, his principal non-executive directorships work ethic and determination, progressed quickly to become a include the global fi duciary group Equiom and Gibbs Technologies. He key member of the team. She is a past recipient of the Glyn Gilbert was awarded an OBE in 2015 for his services to the economy. Award from the Insurance Institute of the Isle of Man for outstanding Jeremy Wilson (pictured) recently retired as vice academic achievement in completing her Level 4 Diploma before chairman of Barclays Corporate with Barclays age 21. Bank PLC. During his 47-year career with Barclays, Emma and Kyle in the Mortgage and Protection team will advise he worked across its major business units and in clients with lending and insurance needs. Between them, Emma and Australasia, Vanuatu, the United States of America, Kyle have over 20 years’ experience in fi nancial services in Ireland Europe and the UK. As part of his senior executive and South Africa, respectively, and are members of the Personal role for the bank he was, inter alia, chairman of its Finance Society, studying for the Level 4 Diploma in Regulated group credit committee, director of Barclays Bank Financial Planning. Pension Fund Trustees, and chairman of Barclays Kyle moved to the Isle of Man in January 2020 with his wife and Bank Egypt. He has also held several senior positions in the fi nancial two sons, having successfully run his own advice business in South services industry, including chairman of The Bankers Association for Africa. He is a coach at Vagabonds Rugby Club and applies the Finance and Trade (BAFT), chairman of CHAPS, a director of TheCityUK and same commitment off the fi eld in obtaining the right result for his chairman of its audit committee. In addition to his responsibilities beyond clients. Emma joined Edgewater in March 2019 after 7 years in Barclays, he was non-executive chairman of Bloomsbury Publishing PLC. an international bank in Dublin and previously worked as a Client Jeremy is currently chairman of the Whitechapel Think Tank, a forum for Manager and Paraplanner in Edgewater’s Corporate Solutions team. the public and private sector on distributed ledger technologies; a member She cares deeply about her work and will always ‘go the extra mile’ in of the advisory board of Form3 and chairman of QPQ, both companies achieving the correct result for her clients. apply new technologies to emerging global business models. Jeremy also Commenting on the appointments, Sandra Cardwell, Managing supports the University of Cambridge Institute for Sustainability Leadership. Director of Edgewater, noted: “Much has been made in the press of Living a full and productive life is all about fi nding the right balance between work and play. Both Errol and Stuart said: “We would like to take this opportunity to the age profi le of our profession with one recent survey claiming over Here at B365 we know the importance of both. Our new lifestyle section covers topics thank our two outgoing board members, John Averty and Clive Parrish, 60% of fi nancial advisers plan to retire in the next 10 years. However, who have stepped down as part of the board rotation and succession with three of our new advisers aged under 35, we are pleased to be including travel, motoring, property, health, sport and leisure. programme. Both have played an important role during their membership bucking the trend. I am reassured that the future of fi nancial advice on of the board and we are grateful for their valuable contribution.” the Isle of Man is in safe hands. B365 – bringing a bit of balance into your life! COMMUNITY 46 learned fromtheexperienceoflockdown. across theIsland,andsomeoflessonsthathavebeen of theinspiringstoriesbehindtheirworkwhichhelpscarers community duringlockdown. Inthisarticlewefocusonsome magnifi centlytosupportthemostvulnerablemembersofour Crossroads is oneofmanycharitiesthatresponded pictured withsomeofQuilterInternational’s charityteammembers. Third fromleftisCrossroads’ PR/FundraiserMeganFaragher–fourthfromleftisCrossroads’ Children’s ServicesOﬃcer HannahMurphy. Theyare | Caring forcarersinatimeofcrisis possible byQuilterInternational’s threeyearfundraisingproject. Crossroads’ Young CarersSupportWorker BillieHallwhoserolewasmade lockdown. was strugglingtoadapt with everyday tasks such as housework or with everydaytaskssuchashousework or on newresponsibilitiessuchashelping carers wouldn’t normallyhelpwithhomevisitstook and olderpeople. Someofourteamwho that wasespeciallyimportantforyoungcarers number ofhomevisitsthatourteammade, and It meantwehadtosignifi cantlyincreasethe much morediffi cultforthemtotake abreak. additional stressforcarersbecauseitmade CEO, Crossroads,said: “Socialisolationcreated services toyoungcarers. JackieBetteridge, to 2021)fundraisingprojecthelpextend by Quilter International’s three year(2019 Support Worker, arole madepossible She joinedthecharityasaYoung Carers on April1 working atCrossroadswas Billie Hallwhosefi rst day a thoughtfor26-year-old the bestoftimes.Sospare a littlenerve-wrackingat Starting anewjobcanbe st when the Island when theIsland COMMUNITY learned fromtheexperienceoflockdown. across theIsland,andsomeoflessonsthathavebeen of theinspiringstoriesbehindtheirworkwhichhelpscarers community duringlockdown. Inthisarticlewefocusonsome magnifi centlytosupportthemostvulnerablemembersofour Crossroads is oneofmanycharitiesthatresponded pictured withsomeofQuilterInternational’s charityteammembers. Third fromleftisCrossroads’ PR/FundraiserMeganFaragher–fourthfromleftisCrossroads’ Children’s ServicesOﬃcer HannahMurphy. Theyare Caring forcarersinatimeofcrisis possible byQuilterInternational’s threeyearfundraisingproject. Crossroads’ Young CarersSupportWorker BillieHallwhoserolewasmade lockdown. was strugglingtoadapt with everyday tasks such as housework or with everydaytaskssuchashousework or on newresponsibilitiessuchashelping carers wouldn’t normallyhelpwithhomevisitstook and olderpeople. Someofourteamwho that wasespeciallyimportantforyoungcarers number ofhomevisitsthatourteammade, and It meantwehadtosignifi cantlyincreasethe much morediffi cultforthemtotake abreak. additional stressforcarersbecauseitmade CEO, Crossroads,said: “Socialisolationcreated services toyoungcarers. JackieBetteridge, to 2021)fundraisingprojecthelpextend by Quilter International’s three year(2019 Support Worker, arole madepossible She joinedthecharityasaYoung Carers on April1 working atCrossroadswas Billie Hallwhosefi rst day a thoughtfor26-year-old the bestoftimes.Sospare a littlenerve-wrackingat Starting anewjobcanbe st when the Island when theIsland group activities have helped with personal group activitieshavehelpedwithpersonal new friendshipsand,since lockdown ended, in people. Young carershavedeveloped crisis, lockdown alsobroughtoutthebest However, asisoftenthecaseintimesof who requiredlengthyhospitaltreatment. lost relativesorfriends,withlovedones of theCovid-19pandemicforthosewho No onewilleverforgetthehumancost families.” a particularly diffi culttimeforthemandtheir like thatreallyhelpedtolifttheirspiritsduring and craftmaterialsforyoungcarers.Gestures Quilter Internationalwhoprovidedgiftsofart was moreimportantthanever–including scenario, supportfromcorporatesupporters own fi nancialchallengesatthattime. Inthat because somanypeoplewerefacingtheir in thefundswewouldnormallyreceive with donations,therewasstillareduction public continuedtogenerouslysupportus gatherings –andeventhoughtheManx organise anyeventsthatinvolvedsocial regulations meantthatwesimplycouldn’t source ofrevenue,” addsJackie. “Lockdown bake salesandfundaysareaveryimportant “Funding fromcommunityeventssuchas the eff ectthatlockdown hadonfundraising. One oftenoverlooked impactoncharitiesis week orsoafterthelockdown began.” ‘in atthedeepend’havingjoinedusjusta special mentionbecauseshewasverymuch beyond thecallofduty, andBilliedeservesa Crossroads’ 82employeeswentaboveand safeguard theirhealthandthatofcarers. All plus personalprotectiveequipmentto shopping. Of course, theyweregiventraining, M and fromdancetodrama. most prestigiousartscolleges.TheircoursesrangefromBTEC diplomasandAlevelstoMaster’s degree students inthearts.Thefi verecipientsareenrolledinartseducationprogrammesatsomeofBritain’s Local charity, ArtsAidhasannouncedits2020scholarshipawardstoexceptionally talentedIsleofMan ARTS AIDscholarships announced their education and development in the arts. This is the third year their educationanddevelopmentin thearts.Thisisthirdyear some ofthemosttalentedyoungpeople fromtheIsleofManfurther David Wertheim, chairman,toldB365:“Arts Aidisdelightedtoassist SchofiAlicia eld. Ramsey Crookall who willprovidesupporttobothAnnabelKingand are joinedbyILSWorld, whowillbesupporting MollyBowmanand Lily Ratnavel andShaneMageeforsupportingChristian Cooper. They once againthisyearlike tothanktheJRMooreTrust forsupporting diploma courseatSLPCollege(Leeds). Thedirectors ofArtsAidwould Art. FinallydancerAliciaSchofi eldstartsherthree-yearLevel 6 her Master’s degreeattheLondon AcademyofMusicandDramatic School ofMusicinManchester, whileLilyRatnavel willbecompleting winning pianist,AnnabelKing,beginsherALevels atChetham’s Mountview AcademyofTheatreArtsinLondon. Internationalaward- Read College(Reading), ChristianCooperhaswonadegreeplaceat Liverpool. After gaining a BTEC diploma in musical theatre at Liverpool. After gainingaBTEC diplomainmusicaltheatreat Extended diplomainDanceatLIPA SixthFormCollegein olly BowmanwillbecompletingthesecondyearofherBTEC by continuingtoworkasateam.” confi denceandprideinwhatwecanachieve during lockdown hasgivenusarenewed third sector–buttheexperienceofcoping challenging forallorganisationswithinthe mattered most.Everydayandeveryyearis showed theirverybestqualitieswhenit on theIsland,everyoneatCrossroads all ofthemanywonderfulessentialworkers for caring,kindnessandcompassion.Like lockdown wesawanevengreatercapacity across thecommunity–butduring volunteers, fantasticcarers,andsupporters that wehadanamazingteamofemployees, already veryclear, saysJackie: “We allknew learned fromthelockdown experience, oneis When itcomestolessonsthatarebeing boost tohisself-confi dence. now joinedateamandthathasbeenhuge he reallyenjoyedplayingfootball.Hehas a ManxSport&Recreation sessionwhere Crossroads Young CarersProjectheattended rarely gottodosportsactivities.Through carer who, becauseofhissibling’s condition, development. Oneexampleisayoung and compassion caring, kindness capacity for an evengreater lockdown wesaw During the [email protected] [email protected] For furtherinformationpleasecontact: TheSecretary additional fi nancialsupport. of ManGovernmentfundingisunavailable orstudentshaveneedof studies. Thecharityseekstomake adiff erenceinsituationswhenIsle exceptionally talentedIsleofManstudentsintheartstohelpfundtheir Island ofCulturelegacyproject.ArtsAidprovidesfi nancialsupportto with foundationfundingfromtheIsleofManArtsCouncilasan Arts AidisanindependentIsleofMancharityestablishedin2018 their futurecareersinthearts.” Aid wishesthemgreatsuccessintheirforthcomingstudiesandfor scholarships areaninspirationtousallandacredittheIsland.Arts and wellintheIsleofMan.TheyoungpeoplereceivingArtsAid those infulltimeeducation.Neverthelesstalenttheartsisalive pandemic hasmade2020especiallydiffi cultforeveryoneincluding been amazedattheabilitiesofapplicants.TheCoronavirus that ArtsAidisabletograntscholarshipsandeachyearwehave www. containing artandcraftmaterials. who receiveagiftpackfromQuilterInternational Jack Kelly, aged9, isoneoftheyoungcarers crossroadsiom.org | 47

COMMUNITY MYBIOSPHERE # L 48 rocks orgiveupandgohome. so thatinvaderswouldeitherenduponthe on SouthBarrule, wouldcloaktheIslandinmist, who, whenhesawhostileshipsfromhiseerie home ofthelegendarySeaGod,Manannan, south andcentreoftheIsland.Anditwas summit. Ithasacommandingviewofboththe the locationofaCelticIronAgehillfortat The thirdwasSouthBarrule. Inhistoricaltimes, often notfaroff thesteepwalkingtrail. ‘The Stacks’. Ithasdramaticdropstothesea, named onmyOrdnanceSurveybutcloseto My secondclimb wasthehardest-Slocnot miles away. of theIsland IcouldseeNorthBarrule, almost20 Lake DistrictinEngland,andlooking tothenorth Northern Ireland,totheEaststoodhillsof To theWest, weretheMourneMountainsof was theeasiestclimbandhasbestviews. Cronk nyArreyLaa, alookout inVikingtimes, home. Beautiful South’, alllessthanfi vemilesfrommy the pastmonthorso, I’veclimbedthreein‘The hills again,andnowit’s overIplantocontinue. In During theCovid-19lockdown Istartedclimbing bridges. has created manyscenic glenswithpathsand mountain rain water escaping tothesea. This occasions they shapegorgescreatedby the hillsdropdramaticallytosea.Onother people. Most live incoastaltowns.Sometimes 1000 feet,onemountain,andnotmany simple. Inthecentrearemanyhillsover The topographyoftheIsleManis This month,HughDavidsonMBEwrites: later, InjebreckandBaldwin are littlechanged. where itmeetstheRiverDhoo. Manydecades there, theRiverGlasswendsitswaytoDouglas valley toWest BaldwinReservoir far below. From meters highbuthasmagnifi centviewsdownthe To fi ndoutmoreaboutUNESCOBiosphereIsle ofMan,ortoapplybeapartner, visitwww.biosphere.im, would climb Injebreck Hill, which is only 400 would climbInjebreckHill,whichisonly400 and ItoBaldwinafterChurch,we ong ago, myfatherusedtotake mybrother | MyBiosphere email regular feature, authorsfromdiff erentwalksofManxlifeoff erapersonal [email protected] orring01624686080. The Isle of Man is the only entire nation to boast UNESCO Biosphere The IsleofManistheonlyentirenationtoboastUNESCOBiosphere it: the Isle of Man, followed by Newcastle, it: theIsleofMan,followedbyNewcastle, Where did I mostenjoyliving? You guessed 22 years. Connecticut...and Oxford,wheremyfamilyspent Windsor, Beaconsfi eld, Toronto, New York and When awayIlivedinNewcastleuponTyne, to return.I didsoin2002. the Islandformanydecadesbutalwaysplanned I wasbornand broughtupinDouglas,andleft magnifi views. cent listen tothebirdsandseatake in and watchtheclouds,smellwildfl owers, alone, youcanliedownonthepurple heather with peoplebutnotallthetime. When youare climbs? Notmany–ahandful.Ilike conversing How manypeopledidImeetonthesethree Hugh DavidsonMBEisChairofRushenHeritageTrust. status, refl ectingitisaspecialplaceforpeopleandnature. Inour retain andimprove thisunique environment. views, andgreenhillsbythesea.Let’s value, remains: wideopenspaces,glens,spectacular than inmyyouth,theessenceofplace there aremanymorepeople, cars,andhouses throw me, Istand’) andloyaltytotheplace. While Legs ofMannsymbol, is‘Whicheverwayyou (our nationalmotto, associatedwiththeThree this Islandhaveanindependentspirit,resilience people. Whetherbornhereornot,peopleon Place andBiosphereareimportantbutso missed thebighorizons. in Connecticut butitwasflI at and wooded I missedthehillsandsea.liked working Cheviot Hills. Oxfordhasmanyadvantagesbut beaches, wildmoorsandisclosetothe because Northumberlandalsohasbeautiful perspective on #MyBiosphere. perspective on#MyBiosphere. MYBIOSPHERE # L rocks orgiveupandgohome. so thatinvaderswouldeitherenduponthe on SouthBarrule, wouldcloaktheIslandinmist, who, whenhesawhostileshipsfromhiseerie home ofthelegendarySeaGod,Manannan, south andcentreoftheIsland.Anditwas summit. Ithasacommandingviewofboththe the locationofaCelticIronAgehillfortat The thirdwasSouthBarrule. Inhistoricaltimes, often notfaroff thesteepwalkingtrail. ‘The Stacks’. Ithasdramaticdropstothesea, named onmyOrdnanceSurveybutcloseto My secondclimb wasthehardest-Slocnot miles away. of theIsland IcouldseeNorthBarrule, almost20 Lake DistrictinEngland,andlooking tothenorth Northern Ireland,totheEaststoodhillsof To theWest, weretheMourneMountainsof was theeasiestclimbandhasbestviews. Cronk nyArreyLaa, alookout inVikingtimes, home. Beautiful South’, alllessthanfi vemilesfrommy the pastmonthorso, I’veclimbedthreein‘The hills again,andnowit’s overIplantocontinue. In During theCovid-19lockdown Istartedclimbing bridges. has created manyscenic glenswithpathsand mountain rain water escaping tothesea. This occasions they shapegorgescreatedby the hillsdropdramaticallytosea.Onother people. Most live incoastaltowns.Sometimes 1000 feet,onemountain,andnotmany simple. Inthecentrearemanyhillsover The topographyoftheIsleManis This month,HughDavidsonMBEwrites: later, InjebreckandBaldwin are littlechanged. where itmeetstheRiverDhoo. Manydecades there, theRiverGlasswendsitswaytoDouglas valley toWest BaldwinReservoir far below. From meters highbuthasmagnifi centviewsdownthe To fi ndoutmoreaboutUNESCOBiosphereIsle ofMan,ortoapplybeapartner, visitwww.biosphere.im, would climb Injebreck Hill, which is only 400 would climbInjebreckHill,whichisonly400 and ItoBaldwinafterChurch,we ong ago, myfatherusedtotake mybrother MyBiosphere email regular feature, authorsfromdiff erentwalksofManxlifeoff erapersonal [email protected] orring01624686080. The Isle of Man is the only entire nation to boast UNESCO Biosphere The IsleofManistheonlyentirenationtoboastUNESCOBiosphere it: the Isle of Man, followed by Newcastle, it: theIsleofMan,followedbyNewcastle, Where did I mostenjoyliving? You guessed 22 years. Connecticut...and Oxford,wheremyfamilyspent Windsor, Beaconsfi eld, Toronto, New York and When awayIlivedinNewcastleuponTyne, to return.I didsoin2002. the Islandformanydecadesbutalwaysplanned I wasbornand broughtupinDouglas,andleft magnifi views. cent listen tothebirdsandseatake in and watchtheclouds,smellwildfl owers, alone, youcanliedownonthepurple heather with peoplebutnotallthetime. When youare climbs? Notmany–ahandful.Ilike conversing How manypeopledidImeetonthesethree Hugh DavidsonMBEisChairofRushenHeritageTrust. status, refl ectingitisaspecialplaceforpeopleandnature. Inour retain andimprove thisunique environment. views, andgreenhillsbythesea.Let’s value, remains: wideopenspaces,glens,spectacular than inmyyouth,theessenceofplace there aremanymorepeople, cars,andhouses throw me, Istand’) andloyaltytotheplace. While Legs ofMannsymbol, is‘Whicheverwayyou (our nationalmotto, associatedwiththeThree this Islandhaveanindependentspirit,resilience people. Whetherbornhereornot,peopleon Place andBiosphereareimportantbutso missed thebighorizons. in Connecticut butitwasflI at andwooded I missedthehillsandsea.liked working Cheviot Hills. Oxfordhasmanyadvantagesbut beaches, wildmoorsandisclosetothe because Northumberlandalsohasbeautiful perspective on #MyBiosphere. perspective on#MyBiosphere. Expert tips revealed:

HEALTH How to Boost Mental

can also boost brain health. Other sources of Omega-3 include coconut oil, egg yolks, liver, Health soya beans and hemp seeds. Listen to music to relax and stimulate your brain n BY YSABELLE DEVEREUX • Listening to music releases the mood- xperts recommend a boosting hormones ‘endorphins’ in your Mediterranean diet to maintain brain. Egood brain health. Listening to • Playing music encourages you to move, music is the best form of exercise for relax, feel emotion, and use your your brain, providing relaxation and voice. stimulation on the commute. Practicing • Any genre of music can have a yoga can calm and centre the nervous positive impact on your mental state. system, which relieves feelings of stress. Music is an excellent way to both switch Keeping up “cognitively stimulating” off and focus at the same time, and with many lockdown hobbies, such as brainteasers, people returning to work, listening to your art and baking could boost mental favourite album could be the best way to stay wellbeing in the long term. mentally balanced on the commute. According to Elizabeth Nightingale, a neurologic music A national lockdown posed many challenges, Stay active to boost your mental health, improve therapist at Chiltern Music Therapy, “playing your memory and aid a good night sleep including remote working, unemployment, music is the best form of exercise for our brains.” social distancing, fi nancial uncertainty, and • Exercise releases endorphins, which Further to this, Bernice Chu – a music therapist health concerns. And now, with the UK starting improve mood and a sense of wellbeing. at the Royal Hospital for Neuro-disability – goes the motions of leaving lockdown, the nation on to explain that “listening to music releases • Running for 15 minutes a day or walking faces similar challenges in returning to work and endorphins in our brain, boosting people’s for an hour reduces the risk of major day-to-day life in a sensible manner. With all this moods, and evoking emotions and memories. depression by 26%. to handle, mental health can come under strain, Music is processed in more than one area of • Yoga has a calming eﬀ ect on your nervous so it’s important to look after your emotional the brain. For a healthy individual, it encourages system, which combined with meditation wellbeing. us to move, to relax, to feel emotion and to can reduce negative emotions and feelings Specialist lawyers Bolt Burdon Kemp have use our voice.” And this includes any genre of stress. released a Mental Health Training guide, with of music, as Chu adds “the idea that classical It’s well known that exercise is essential for advice on boosting your brain health. Some of music is the most eff ective for brain health is maintaining good physical health but staying the highlights include: really a myth.” active can also boost mental wellbeing. In fact, Eat a Mediterranean diet for the nutrition you Keep up lockdown hobbies to reap their regular exercise can have a positive impact need for a healthy mind and body therapeutic benefi ts on depression, anxiety, and ADHD. It can also • Foods providing antioxidants, • Music and art therapies can alleviate improve memory, boost mood, and encourage phytonutrients and Omega-3 fatty acids are feelings of stress, low mood, anxiety and better sleep, helping you to get the 7-9 hours of the best for brain health. depression. sleep that are recommended for optimal mental wellbeing. • Dark chocolate and red wine have proven • Activities that are “cognitively stimulating” health benefi ts, thanks to the antioxidants are good for mental wellbeing, including According to a study on exercise and the brain, they contain. brainteasers and creative hobbies, such as it appears that exercise can have a broad • Healthy fats found in fi sh, eggs and beans, art and baking. rejuvenating eff ect on the brain. “Overall, converging evidence suggests exercise among other sources, can help manage Many people have picked up new hobbies moods. benefi ts brain function and cognition across the during lockdown, while seeking focus and mammalian lifespan, which may translate into Experts suggest the best diet for brain health entertainment at home. But rather than letting reduced risk for Alzheimer’s disease (AD) in is a Mediterranean one, with focus on low- these fall by the wayside when life begins to humans.” sodium food such as olive oil, veggies, nuts, return to normality, it’s benefi cial to fi nd time in beans and cereal grains. According to Judy your life for them post-lockdown. Yoga is one of the best forms of physical activity for mental health, as it brings together your mind Rocher, registered nutritional therapist and Studies have shown that activities that may help naturopath at the London Clinic of Nutrition, and your body. As soon as you start breathing maintain your mental wellbeing are those that deeply, you slow down and calm your nervous “the Mediterranean diet, being predominantly are “cognitively stimulating” – and include the vegetable based, provides a high level of system. Mindfulness Based Stress Reduction likes of brainteasers and educational activities, (MBSR) is a practice that combines meditation, phytonutrients and antioxidants.” And fortunately as well as creative hobbies like baking, art, for those of us who enjoy a treat, dark chocolate gentle yoga and mind-body exercises to reduce drama, dancing and music. In fact, music and art feelings of stress. and red wine also have antioxidant benefi ts. therapies can help to alleviate the symptoms of Read the full guide to a healthy brain here: https:// Healthy fats, such as Omega-3 fatty acids found depression, anxiety, trauma and low self-esteem www.boltburdonkemp.co.uk/brain-injuries/mental- in salmon, sardines, herring and mackerel in individuals with mental health disorders health-training/

50 | If you are interested in what we do or want to ask how we can help please call or email: [email protected] or 01624 800000

What we do... or months now I have been saying to the team “we I see animals to be fed and cared for • I see workshops for are getting there”, meaning all the hard work we have exploring metal, clay and wood • I see mountain bikes and Fbeen doing behind the scenes is “getting there”. The kayaks, and ropes and adventure • I see cooking and eating, problem with such a saying is it implies there is a destination, sharing food with friends, or being made to enjoy later • I see JOFF WHITTEN a final stop, and an ending. This isn’t true of the work we do; our unique indoor spaces that we can work in during winter or Head of the our work takes time, over many months and years and often rain, places to learn and make • I see our technology learning Children’s Centre doesn’t have an ending. Most young people eventually leave room, filled with things to explore, understand and investigate school, but sometimes young people need help to leave • I see our family room, a quiet idyll set up to give those who school, or find themselves, or learn how to learn and grow need us a chance for a little normality • I see our conservation and it isn’t just about a destination as such, but the journey field with its traditional Manx roundhouse, a hobbit house and they take. I think the saying “we are getting there” for us really willow island, a place to fire the imagination. should be “this is what we do now”. As we are on the same I also see young people on the island who don’t fit in journey as those we work with. anywhere else. I see long waiting lists for services, but too So what is it we do? many people needing them. I see schools struggling with I have been doing this job for just over a year and many suspensions and behaviour and nowhere else for these kids people still ask me “what is it that the Children’s Centre to go. I see families falling between the cracks in society – not actually do?” In my mind it’s quite simple but unless you get to quite fitting here, not quite fitting there. see it with your own eyes – like I do every day – it can seem And I see us ready to help where we can. a little hidden, out of reach or perhaps unclear. We work with the family, schools and the young person in Let me try to explain what I see. question to make a plan that helps support them. If the young I see a team of incredibly dedicated, hardworking, emotionally person has anxieties we can work through that with them to grounded and skilled practitioners who work with children, gain confidence and resilience. If the child has behavioural young people and families living with challenges. issues we can work with them to gain emotional reliance, and security. If the family is struggling we can support and develop I see a flexible learning site – located in a farm just outside of Douglas – that’s an absolute gem for the Island. An almost strategies with the parents and give the kids something completely unique 21st Century learning centre that is both meaningful to do. We work traditional and at the same time cutting edge. Our aim is for all those we work with to find themselves with the and move on from our services, we want to enable and family, encourage everyone we work with to a point of security and success. But we aren’t going to rush. This work takes time. schools and We aren’t funded by government either, we are a completely the young independent Manx charity and we rely upon the help of person in everyone on island to make our work possible. We are the Children’s Centre. We support children, young question to people and families through learning and life. We provide make a plan unique experiences at our therapeutic farm and all across the that helps island, delivered by our team of highly trained mentors. support them This, is what we do now.

| 51 Australian Celtic Festival celebrates JTC IN DEEP Tynwald Day TO SUPPORT LOCAL This year’s Tynwald Day has WILDLIFE been marked by the Australian Celtic Festival. cknowledged as the premier Celtic event COMMUNITY of New South Wales, the four-day festival Aheld annually in early May recognises diff erent Celtic nations each year, with 2020 themed ‘The Year of Ireland and the Isle of Man’. In honour of the Isle of Man’s national day, the Australian Celtic Festival organisers devoted the afternoon of Sunday July 5th to celebrating Tynwald Day, an occasion which included raising BEFORE the Manx national fl ag at the Australian Standing Stones. JTC in the Isle of Man has been helping keep a local pond clean, to Located in the highlands of Glen Innes, The Stones are a national monument to Celtic people past ensure a safe and enriching environment for passing wildlife. and present and acknowledge the contribution to olunteers from JTC recently assisted diff erent setting. We want to say thank you to Australian culture made by people from the Celtic VManx National Heritage to remove the charity for welcoming us and showing us communities of Asturias, Brittany, Cornwall, Galicia, encroaching vegetation from a pond on the the ropes, as well as teaching us a bit about Ireland, the Isle of Man, Scotland and Wales. Calf of Man, which is an important habitat for the wildlife we’re helping support.” passing waders and other bird species, as well The celebrations opened with an introduction Lynsey Clague, Communications Manager as being home to European Eel. to the history of Tynwald Day by chairman of the for Manx National Heritage added: “Manx Australian Standing Stones management board The Calf of Man Nature Reserve and Bird National Heritage is very grateful to JTC for Judi Toms, followed by readings of well wishes Observatory is home to around 33 species carrying out the work to the Withy Pond, which extended by the president of the London Manx of birds that breed on the Island annually, provides a unique and biodiverse wildlife Society Alastair Kneale and by the President of around 10 of which are sea birds. Estate and habitat, supporting bird species, freshwater Tynwald, Steve Rodan MLC. ornithological wardens live on the island plants, insects and mammals. Both the pond, looking after the island’s population of resident and its wildlife species, are regularly monitored In his letter of June 19th to Glen Innes Severn and migrant birds. by Manx Wildlife Trust, who are contracted to Council’s Tourism and Events Offi cer Rhonda provide wardening services for our charity on Bombell Mr Rodan wrote: ‘It is with pleasure that Lee Mills, Director at JTC in the Isle of Man, told the Calf of Man. I have learned from the President of the London B365: “It was a pleasure to help Manx National Manx Society, Mr Alastair Kneale, that this year the Heritage to clean the Withy Pond for local Sadly, many countryside pond habitats aren’t Australian Celtic Festival intends to raise the Manx wildlife. We are so lucky that the Isle of Man as fortunate, with many threatened by pollution, National Flag in Glen Innes, home to the National plays host to such a wide array of species, changing climate, drainage, and development, Monument to the Celtic people. This is to be on some of which are on long journeys and need and many are in very poor condition. a safe place to stop. 5th July, the Manx National Day. JTC has done a great job in helping maintain ‘It is a great honour to the people of the Isle For us at JTC, we feel it is very important the pond and we are very grateful for their of Man that the historical bonds between the to support the local community and our support. Projects like this are invaluable for peoples of Mann and other Celtic nations are surrounding environment. This was also a the ongoing preservation and protection of the actively remembered in Australia, and I send great way to spend time with colleagues in a Island’s natural heritage.” warmest greetings to the Australian Celtic Festival on this day with our deep gratitude through the following message: “On behalf of Tynwald and the people of the Isle of Man, I send warm fraternal greetings to the Australian Celtic Festival on Tynwald Day. Steve Rodan, President of Tynwald. Ass lieh Tinvaal as cummaltee Ellan Vannin saillym cur bea as slaynt dys yn Eailley Celtiagh Australianagh er Laa Tinvaal. Steve Rodan, Eaghtyrane Tinvaal.’” Refl ecting on the event Mr Rodan said: ‘The Isle of Man and Australia may be separated by many thousands of miles, but our two nations will always be united in a shared commitment to preserving and promoting our heritage and history, which AFTER illustrate our past and enrich our communities.’

52 | H RAISES CRUSE MEMORIALGOLFDAY unscathed’. government, Crusehademerged‘relatively that ofCeltonManx,andpartfunding from thanks tolong-termcommunitysupport, notably to adepletionofthecharity’s income, butthat Skelton saidthatthe‘Covid challenge’ hadled Bereavement CareIsleofManchairmanSam Ahead oftheprizepresentationsCruse 52.5 net. Wild emergingthewinningteamwithascoreof Roger Raatgever, MarkReynolds andJonathan The eventattracted23teams,withAlexHolt, anniversary. of Manwhich,thisyear, celebratesits10th held inaidofCruseBereavementCareIsle MIKE HENTHORN MIKE HENTHORN succession by Celton Manx, and was succession byCeltonManx,andwas was supportedfortheninthyearin eld atDouglasgolfclub, theevent £11,500 THANKSTO CELTON MANXSUPPORT epic struggles this year to manage the impact of epic strugglesthis yeartomanagetheimpactof Mummery said:‘Thethirdsectorhas hadtoface In response, CeltonManxexecutive directorBill the company’s continuedsupport. Isle ofMantoBillMummeryCelton Manxfor thanks onbehalfofCruseBereavement Care In closing,MrSkelton extended hissincere the prizes. Janet, attendingthegolfdaysandpresenting serving asaCrusevolunteerandhiswidow, Mr Skelton, withMike Henthorn’s son,Mark, The ‘Henthornlink’remainedstrong,said saw 14teamstake partand £2000 raised. and afi- rmbelieverthat‘anythingwas possible’ Mike Henthorn-anardentsupporter ofCruse the fi rstgolfday, aninitiativedrivenbythelate spoke ofthecharity’s ‘small beginnings’ andhow Turning toCruse’s 10thanniversary, MrSkelton Jonathan Wild,MarkReynolds, AlexHoltandRoger Raatgever the winningteamfromMike HenthornCruseMemorialGolfDayof Celton Manxexecutive directorBillMummeryandJanetHenthornwith Memorial GolfDay.’ supporting the2021Mike HenthornCruse pleased toconfi rmthatCelton Manx willbe dedication andcompassion. Iamtherefore time ofpublichealthcrisiswithsuch undimmed clients’ wellbeingand emotionalneedsata of payingtributetotheteamformeetingtheir is doinginthecommunity, butalsoourway recognition ofthetransformationalworkCruse This year, however, oursupportisnotonly and privilegetosupporttheCrusegolfday. ‘For CeltonManxit’s alwaysagenuinepleasure grief. young andoldalike –devastated bylossand under exceptional circumstancestopeople– outstanding carethey’vecontinuedtoprovide the smallbutdedicatedteamatCrusefor provision. Enormouscreditisthereforedueto Covid-19 ontheirfi nancesandontheirservice | 53

SPORT METHODS FOR TAKING YOUR MONEY ABROAD FOR A BUSINESS TRIP TRAVEL

As more travel becomes possible again you may want to plan some business trips. Clearly there are a number of considerations, but it is possible, while ensuring that you stay safe, to visit some destinations. You may also feel it is time for a holiday. As you prepare to travel it is a good idea to think about how you will take your money when you are going abroad. Let’s review some options that are available to you:

CASH BANK APPS It’s a good idea to take some local currency If you generally use Apple Pay or Google Pay on with you when you go abroad, so you can pay your phone you can use these abroad, much as for things like taxis, public transport, food and you can a contactless debit card and the same drinks and tips. When exchanging your money, charges will be applied. It is, arguably, more secure be sure to shop around and compare not only than paying with a debit card as there are layers of the exchange rate, but any charges that may be security to get into your phone and then another applied. layer to access the app. Travel insurance usually only covers you up to a certain amount, so do check your policy to help CREDIT CARDS you make an informed decision about how much Similarly, a credit card provides a convenient way to cash to take. By SHON ALAM, Bidwedge buy things abroad. Unlike a debit card, if you have a good credit limit, you can splash out a lot more. Shon Alam is founder of Bidwedge. TRAVELLERS CHEQUES Bidwedge makes it easy to change Ask about charges before you travel. It’s possible These little beauties have been in use since the your leftover cash currency back that the provider or bank may apply charges every late 80s. Each cheque has a unique number. If it into Sterling – at great rates for is either lost or stolen, the issuer can cancel it and even the smallest amounts. Just replace it. They have clear benefi ts but they’re enter the amount, see the rate becoming outmoded and many places no longer you’ll be paid, post the cash and accept them. watch the money appear in your bank account. It’s easy to do. DEBIT CARD To save the hassle of arranging your currency before you jet off , you can use your debit card. However, A debit card most debit cards will charge you a fee for use has the abroad. advantage Unexpected foreign transactions may lead them to suspect fraud. Tell your bank before you go so they that you don’t cancel your card! cannot spend A debit card has the advantage that you cannot spend more than you have. The disadvantage is that more than you if your card is stolen or hacked your bank account is have. at risk. Be cautious when using your card.

54 | off ered-currency-choice-should-always-do/). telegraph.co.uk/money/consumer-aff airs/paying-card-overseas- I hopeyouhavean enjoyableandsuccessfultrip. even forsmallamounts. Bidwedge, whichoff ersacompetitivesellback rate, currency usingeitherbuybackoraplatform like On yourreturn,don’t forgettoexchange anyleftover options ashavingabackupisalways agoodidea. I recommendnotrelyingonjustoneoftheseseven perhaps, haveoneoftheseasanextraaccount. you wanttoreplaceyourtraditionalbankaccountor, Do yourresearchcarefullyandconsiderwhether which casethechargescanbehefty. additional charges–unlessyougooveryourlimit,in way topayinanycurrencywithnofeesand,again, for thingssuchastoppingupyourcard.Monzooffa ers off erscompetitiveexchange ratesanddoesn’t charge make cashwithdrawalsabroad withoutaddingfees, it withoutanyhiddenfees.Starling Bankallowsyouto you cantransfermoneytoitbeforetravelanduse who travelalot.Inthesamewayaspre-paidcard, For example, Revolut isespeciallyaimedatpeople these off ersomegreatbenefi tswhentravellingabroad. four’ (Barclays,Lloyds,HSBCandNatWest). Manyof These aredigitalbanksthataimtochallengethe‘big DISRUPTOR BANKS using localATMs. from thecardissuerandwhethertherearechargesfor cost lesstouseinothercountriesbutcheckthefees of petrolstations.Travel pre-paidcardsareintendedto They areacceptedbymostretailers,withtheexception you goabroadsohavespendingmoneyready. A pre-paidtravelcardletsyouloadcashontoitbefore PRE-PAID CARDS bank, notnecessarilythedayofpurchase. be appliedonthedayexchange ismadeviathe less incurrencyconversionbuttheexchange ratewill Paying inlocalcurrency, willalmostcertainlycostyou could payupto10%moreforwhatyouarepurchasing! conversion charges(DCC)–areadded,meaningyou Sterling, ratherthanthelocalcurrency, dynamiccurrency of whichcurrencyyoupayin.Ifchoosetoin When payingwitheitheracreditordebitcard,beaware can claimforbreachofcontractandmisrepresentation. by Section75oftheConsumerCreditAct,meaningyou £30,000 madeonyourcreditcard,youareprotected An advantageisthatforpurchasesbetween£100and bill mayhaveanastystinginthetail! time youuseyourcard,meaningnextcreditcard ( https://www. T act onthesegoals.’ grateful thatthisawardisallowingme to human psyche. Iamimmeasurably superstitions andtheirimpactonthe my dedicationtoexploringfolklore, theatre andfi lminauniqueway with my trainingatCentral,Istrivetoimpact writing scriptsorprose. Ultimatelywith to thememoriesIhavethere, when I fi ndmyselfthrowingmymindback island heavilyinﬂ uenced myworkand Laeth said:‘Mytimegrowinguponthe for Performance. Drama foraBA(Hons)degreeinWriting The Royal CentralSchoolofSpeechand to Laeth Quellin,whowillbeattending Art andLiteraturehasbeenawarded The NormanSayleAward forVisual opportunities topeople.’ amazing and opensupsomanyamazing creatives; theworkthattheydoistruly and tomanyotherbusinesses the ArtsCouncilhaveprovidedforme immensely gratefulforthesupportthat ‘I wouldalsolike tosaythatIam of thatintheUKorfurtheraway. to beableonedaymake acareerout joy outofperforminglivegigsandIhope career. AsaninstrumentalistIgetalotof to seewherethiswilltake mymusical Fraser said:‘Iamextremelyexcited (Hons) degreeinPopular Music. College ofMusictostudyforaBMus who willbeattendingtheRoyal Northern Arts hasbeenawardedtoFraserRowe, The JonathanGollowAward forPerforming annual studentawards Isle ofManArtsCouncilannounces over thedurationofacourse. the threeawardsareeachworth£10,000 currently infurtherorhighereducation, Awarded tostudentsmovingintoor annual studentawardsfor2020/21. announced therecipientsoftheir he IsleofManArtsCouncilhas can befoundatwww.iomarts.com Council funding andsupportedevents Further informationon IsleofMan Arts annually. artist NormanSayle, and areawarded music promoterJonathanGollowand former IsleofManArtsCouncilmembers, The awardsarenamedinmemoryof future careerinthearts.’ their chosenstudiesonthepathwaytoa our recipientsandwishthemwellin warmest congratulationstoallthreeof sponsoring department,whenIoff er of IOMAC, togetherwithDESC, our ‘I feelsurethatIspeakforallmembers decisions byCouncil. high whichmadeforverydiffi cult standard ofapplicationswasextremely to theseverytalentedyoungartists.The proud thatIOMAC isabletooff ersupport involved inthisreallypositivenewsand people thisyear, Iamprivilegedtobe so manyofourstudentsandyoung ‘Knowing thechallengeswhicharefacing Marlene MaskaMLC commented: Chairman oftheIsleManArtsCouncil on!’ the IsleofManArtsCouncilpushingme forward toanothergreatyearatPPA with and haschangedmylife. I’mlooking it. Itgenuinelymeanstheworldtome application butforpickingmetoreceive Arts Councilfornotonlyconsideringmy grateful toeveryoneattheIsleofMan for metofi nishmycoursesoIam award itwouldn’t havebeenpossible to havewonthisaward.Without Joshua said:‘Iamsohappyandgrateful Academy. Theatre atthePerformance Preparation who isstudyingforaDiplomainMusical been awardedtoJoshuaMolyneux, The IsleofManArtsCouncilAward has | 55

COMMUNITY PROPERTY TO ARECEPTIVEMAINLANDAUDIENCE MULTIPLE LIFESTYLE ATTRACTIONS THE PERFECTOPPORTUNITY TO PROMOTE THEISLEOFMAN’S 56 A rise inUKpropertyvaluesoverthelastthreemonths. ‘Mild astonishment’wouldaccuratelydescribethepublic’s reactiontoanunexpected 8.4%. Acrossthecountry, rentallevelsdropped,although onlyby0.1%. throughout thesummerwhichresulted inaveragerentlevelsfallingby rise inthenumberofrentalproperties comingontotheLondon market wreak havoc.Accordingtoestateagents Hamptons,therewasamarked corner, butalreadythereareclearsignsthatthecoronavirusis setto This badnewsforUKinvestmentproperty ownersmayonlyaroundthe income taxrate. property torisesignifi cantlywithanygaininvaluetaxed attheowner’s expect therateatwhichCGT ispayableuponthesaleofinvestment of whichareexpectedtobeannouncedinNovember. Accountants of aprobablereformtothecapitalgainstax(CGT) regime, details to anendon30September, whilethere’s morebadnewsintheform In addition,mortgagepaymentholidaysforbuy-to-letinvestorscome lawyers believewillnotbecleareduntilmid-2021. the endofAugust, remainswampedwith abacklogofcaseswhichsome notice periodswerelawfullyextendedandcourts,whichonlyre-opened at However, neitheroptionoff ersmuchchanceofspeedyresolutionsince or undersection8ofthesameactwhichseeksautomaticrepossession. section 21ofthe1988HousingActwhichallowsfora‘no-fault’eviction, property wouldpreviouslyhavehadtheoptionofissuingnoticeunder Private landlordswhocannotaff ordtoretainanon-income-producing some formofdeferraloratemporarysuspensionrentpayments. suggest possiblyuptoahalfofallprivatetenants)arelikely torequest to contributeanything,thoughamuchlargerproportion,(someestimates instances, aff ecttenants’ abilitytopaytheirrent.Aminoritywillbeunable The forthcoming(andsignifi cant)riseinunemploymentwill,many the neareconomiccollapseofmid-1970s. huge numberswillencounteraleveloffi nancialhardshipnotseensince proportion ofthemfacethedoleandit’s hardtoavoidtheconclusionthat the endofOctoberwhenstatesupportiswithdrawn;thereafter, asizeable virtually groundtoahalt.Millionsofworkers willremainfurlougheduntil what manynowconsidergroundlesspandemicfear, economicactivityhas The fi rstisaninevitablesurgeinunemployment.WiththeUKwracked by have nocontrol. property values,willsoonfaceaseriesofexternalthreatsoverwhichthey UK’s indigenouspropertyinvestorswho, thoughbenefi tingfromarisein Were suchapromotiontobeimplementeditshouldincludepitchingthe lifestyle attractionstoareceptivemainlandaudience. this lookslike aperfectopportunitytopromotetheIsleofMan’s multiple With UKbuyerscravinglesscommuting,moregreenspacesandfreshair, equitable work-life balancecanbecomeareality. coastal andrurallocationsboastingfastinternetaccess,placeswherean purchaser, grownusedtoworking fromhome, ismorelikely toexplore property buyerswereproximity totheoffi ceandcommutingtimes,today’s Other factorsareatplaytoo:whereoncetheprincipleconcernsfor twelve monthsago. meaning thatvaluesinSeptemberwerealmost4%higherthanthey Incredibly, averageUKpropertypriceshaverisenby2%sofarthisyear, deepest-ever recessionduringthesecondquarter. rising attheirfastestratesince2004.ThisdespitetheUKexperiencingits has driven a property market recovery and resulted in house prices has drivenapropertymarket recoveryandresultedinhouseprices duty holiday(toMarch2021)whichcansavebuyersupto£15,000, combination ofpent-updemand,coupledwithanextendedstamp | to be congratulating themselves for investing in the Isle of Man market. to becongratulatingthemselvesforinvestingintheIsleofManmarket. picture willemerge. It’s atthispointthatlocalproperty investorsarelikely sense thatoncethefurloughtidegoesoutatendofOctober, atruer considering prevailingeconomicconditions,butthere’s anunderlying The UK’s propertymarket maycurrentlyappearremarkablyrobust Park developmentwhichgenerateannualrentalreturnsofaround5%. possible, forexample, toacquirepre-letpropertyonRamsey’s Royal buying well-built,newly-constructedhomeswhicharepre-let.Itisstill attracted bythepossibilityofcapitalisingonthisparticularfeatureand This columnnotedlastmonththatpropertyinvestorshavebeen remains robust. perspective, theicingoncake isdemandforrentedproperty tax andaverageearningsareafi fthhigher. Fromaninvestors’ higher thantheUKequivalent;residentsarenotsubjecttoinheritance Let’s notforgettoothattheIsland’s annualpersonalallowanceis14% having beengraduallyreducedeachyearsince2017. £5,000 maximum,asimilarbenefi tnolongerexistsacrosstheIrishSea whereas localinvestorsmayclaimtaxreliefonmortgageinterestuptoa hand outforcapitalgainstaxoncethepropertyissold.Furthermore, duty whenbuyinganinvestmentproperty;nordoesTynwald haveits For instance, they’renotweigheddownbytheimpositionof3%stamp home. investors shouldremindthemselvesofthebenefi tstheyenjoycloserto Though theUK’s grasscanoftenappearashadegreener, localproperty Hartford Homes currently have a range of modern, Hartford Homescurrentlyhavearangeofmodern, new build investment properties available for sale, new buildinvestmentproperties availableforsale, yielding around 5%. For details of residential and yielding around5%.Fordetails ofresidentialand [email protected] or telephone 01624631000. commercial investmentproperty, email By Peter Sharkey PROPERTY TO ARECEPTIVEMAINLANDAUDIENCE MULTIPLE LIFESTYLE ATTRACTIONS THE PERFECTOPPORTUNITY TO PROMOTE THEISLEOFMAN’S A rise inUKpropertyvaluesoverthelastthreemonths. ‘Mild astonishment’wouldaccuratelydescribethepublic’s reactiontoanunexpected 8.4%. Acrossthecountry, rentallevelsdropped,althoughonly by0.1%. throughout thesummerwhichresulted inaveragerentlevelsfallingby rise inthenumberofrentalproperties comingontotheLondon market wreak havoc.Accordingtoestateagents Hamptons,therewasamarked corner, butalreadythereareclearsignsthatthecoronavirusis setto This badnewsforUKinvestmentproperty ownersmayonlyaroundthe income taxrate. property torisesignifi cantlywithanygaininvaluetaxed attheowner’s expect therateatwhichCGT ispayableuponthesaleofinvestment of whichareexpectedtobeannouncedinNovember. Accountants of aprobablereformtothecapitalgainstax(CGT) regime, details to anendon30September, whilethere’s morebadnewsintheform In addition,mortgagepaymentholidaysforbuy-to-letinvestorscome lawyers believewillnotbecleareduntilmid-2021. the endofAugust, remainswampedwith abacklogofcaseswhichsome notice periodswerelawfullyextendedandcourts,whichonlyre-opened at However, neitheroptionoff ersmuchchanceofspeedyresolutionsince or undersection8ofthesameactwhichseeksautomaticrepossession. section 21ofthe1988HousingActwhichallowsfora‘no-fault’eviction, property wouldpreviouslyhavehadtheoptionofissuingnoticeunder Private landlordswhocannotaff ordtoretainanon-income-producing some formofdeferraloratemporarysuspensionrentpayments. suggest possiblyuptoahalfofallprivatetenants)arelikely torequest to contributeanything,thoughamuchlargerproportion,(someestimates instances, aff ecttenants’ abilitytopaytheirrent.Aminoritywillbeunable The forthcoming(andsignifi cant)riseinunemploymentwill,many the neareconomiccollapseofmid-1970s. huge numberswillencounteraleveloffi nancialhardshipnotseensince proportion ofthemfacethedoleandit’s hardtoavoidtheconclusionthat the endofOctoberwhenstatesupportiswithdrawn;thereafter, asizeable virtually groundtoahalt.Millionsofworkers willremainfurlougheduntil what manynowconsidergroundlesspandemicfear, economicactivityhas The fi rstisaninevitablesurgeinunemployment.Withthe UK wracked by have nocontrol. property values,willsoonfaceaseriesofexternalthreatsoverwhichthey UK’s indigenouspropertyinvestorswho, thoughbenefi tingfromarisein Were suchapromotiontobeimplementeditshouldincludepitchingthe lifestyle attractionstoareceptivemainlandaudience. this lookslike aperfectopportunitytopromotetheIsleofMan’s multiple With UKbuyerscravinglesscommuting,moregreenspacesandfreshair, equitable work-life balancecanbecomeareality. coastal andrurallocationsboastingfastinternetaccess,placeswherean purchaser, grownusedtoworking fromhome, ismorelikely toexplore property buyerswereproximity totheoffi ceandcommutingtimes,today’s Other factorsareatplaytoo:whereoncetheprincipleconcernsfor twelve monthsago. meaning thatvaluesinSeptemberwerealmost4%higherthanthey Incredibly, averageUKpropertypriceshaverisenby2%sofarthisyear, deepest-ever recessionduringthesecondquarter. rising attheirfastestratesince2004.ThisdespitetheUKexperiencingits has driven a property market recovery and resulted in house prices has drivenapropertymarket recoveryandresultedinhouseprices duty holiday(toMarch2021)whichcansavebuyersupto£15,000, combination ofpent-updemand,coupledwithanextendedstamp to be congratulating themselves for investing in the Isle of Man market. to becongratulatingthemselvesforinvestingintheIsleofManmarket. picture willemerge. It’s atthispointthatlocalpropertyinvestorsarelikely sense thatoncethefurloughtidegoesoutatendofOctober, atruer considering prevailingeconomicconditions,butthere’s anunderlying The UK’s propertymarket maycurrentlyappearremarkablyrobust Park developmentwhichgenerateannualrentalreturnsofaround5%. possible, forexample, toacquirepre-letpropertyonRamsey’s Royal buying well-built,newly-constructedhomeswhicharepre-let.Itisstill attracted bythepossibilityofcapitalisingonthisparticularfeatureand This columnnotedlastmonththatpropertyinvestorshavebeen remains robust. perspective, theicingoncake isdemandforrentedproperty tax andaverageearningsareafi fthhigher. Fromaninvestors’ higher thantheUKequivalent;residentsarenotsubjecttoinheritance Let’s notforgettoothattheIsland’s annualpersonalallowanceis14% having beengraduallyreducedeachyearsince2017. £5,000 maximum,asimilarbenefi tnolongerexistsacrosstheIrishSea whereas localinvestorsmayclaimtaxreliefonmortgageinterestuptoa hand outforcapitalgainstaxoncethepropertyissold.Furthermore, duty whenbuyinganinvestmentproperty;nordoesTynwald haveits For instance, they’renotweigheddownbytheimpositionof3%stamp home. investors shouldremindthemselvesofthebenefi tstheyenjoycloserto Though theUK’s grasscanoftenappearashadegreener, localproperty Hartford Homes currently have a range of modern, Hartford Homescurrentlyhavearangeofmodern, new build investment properties available for sale, new buildinvestmentproperties availableforsale, yielding around 5%. For details of residential and yielding around5%.Fordetails ofresidentialand [email protected] or telephone 01624631000. commercial investmentproperty, email By Peter Sharkey For your brain, lockdown isover. THERAFLOAT therafloat.co.uk NEURO SPA Exactly what it says on the tin – news snippets, forthcoming events and information from the business world.

MMC focuses on global fi nance and tech sectors Specialist content, comms and PR agency invests in rebrand to support international growth

MMC, a specialist international content, so it’s more important than ever for brands to cut communications and PR agency, has created a through the noise.” new brand identity as part of its investment in MMC’s decision to focus on the fi nance and a growth strategy focused on the fi nance and technology brands, he added, is based on technology sectors. opportunities that have been created by many years The Douglas-based agency works with respected of working with multi-jurisdictional and cross-border and well-known international brands based international clients in those sectors. “We have seen both on and off -Island, including Continent fi rst-hand how those verticals have merged to create 8 Technologies, Options UK, Quilter a vibrant fi ntech industry. The market is growing at an International, Zurich International, and Virtual Live astonishing CAGR of 24.8% with experts predicting Racing. A new brand and www.mmc.co.im website it will be worth £300billion by 2022. That creates have been created as part of the brand identity tremendous opportunities for an international agency project which is designed to align the business with our wealth of experience and expertise, so more closely to markets that are being targeted the time was right to invest in a new brand identity for future growth, says Founding Managing to refl ect where we are now, and create a strong CRAIG WOLSTENCROFT Director, Craig Wolstencroft. He said: “We are an platform to support our ambitions for growth.” Founding Managing Director, MMC agency that’s focused on helping fi nance and MMC off ers customer-focused content, technology sector brands engage with audiences communications and PR services that enable clients across owned, earned and paid for media. We live to gain a competitive advantage, including content in a very noisy, highly competitive digital world strategy, creation, and promotion. To fi nd out more where consumers can be exposed to up to 10,000 about MMC go to www.mmc.co.im or follow the brands every day. It’s an era of peak content agency on its Facebook, LinkedIn, Twitter and where we are all overwhelmed by information, Instagram channels.

Cains acts for Metrowise on its sale of Charles Taylor's Isle of Man companies Independent Isle of Man law fi rm, Cains, has recently advised Metrowise Limited, a subsidiary of international insurance services provider Charles Taylor Plc, in connection with the sale of its Isle of Man companies to Monument Re Limited. The deal, which is subject to customary closing conditions including receipt of regulatory approvals, will see Metrowise Limited sell the entire issued share capital of LCL International Life Assurance Company Limited and Charles Taylor Holdings (IOM) Limited. Charles Taylor is a global provider of professional services and technology solutions, which employs approximately 3,000 staff in 120 locations, spread across 30 countries in the UK, the Americas, Asia Pacifi c, Europe, the Middle East and Africa. Cains’ corporate and commercial team, which was led by Scott Leonard-Morgan with support from Kirsten Middleton and Jonathan Latham, acted as lead Isle of Man legal advisors, assisting Metrowise throughout all stages of the transaction, including preparing and negotiating the sale and purchase agreement and advising on all sell side aspects. Scott Leonard-Morgan, Director of Cains, told B365: “We are delighted to have assisted Metrowise Limited in relation to the sale of its Isle of Man operations to Monument Re Limited. Our team have had a busy quarter, advising on numerous successful sales and acquisitions, which underpins not only our reputation as the leading Isle of Man law fi rm for mergers and acquisitions transactions, but the continuing attractiveness of Isle of Man businesses to both local and international investors.”

58 | Quilter International launches new Exactly what it says on the tin – news snippets, forthcoming events and information from the product for expats in France business world. Quilter International has announced that it is launching its new French Executive Portfolio bond. he French Executive Portfolio is a tax effi cient life assurance product for wealth Tplanning and is available to customers who have at least €75,000 to invest. The MMC focuses on global fi nance type of product is known as ‘Assurance- Vie’ in France and is the number one savings vehicle there due to its effi ciency. It is a single premium, whole of life policy and can be applied for by individual or joint applicants and has a death benefi t of 101% of the value and tech sectors of the bond. The product is aimed at the English-speaking expat market in France. Quilter International, which has its HQ at King Edward Bay House in Onchan, is Specialist content, comms and PR agency invests a leading cross-border provider of wealth management solutions and part of Quilter plc. in rebrand to support international growth Peter Kenny (pictured), CEO, Quilter International said: “After listening to our valued European adviser community, we realised there was MMC, a specialist international content, so it’s more important than ever for brands to cut widespread demand for a French compliant product for English- communications and PR agency, has created a through the noise.” speaking expats in the country. An estimated one-in-three new brand identity as part of its investment in MMC’s decision to focus on the fi nance and French residents own a life assurance product and there are a growth strategy focused on the fi nance and technology brands, he added, is based on approximately 150,000* UK expats living in France, illustrating that technology sectors. opportunities that have been created by many years there is a large market with a clear need for a product like this. The The Douglas-based agency works with respected of working with multi-jurisdictional and cross-border product enables customers to access a wide range of investment and well-known international brands based international clients in those sectors. “We have seen opportunities and is highly portable suiting internationally mobile both on and off -Island, including Continent fi rst-hand how those verticals have merged to create expats. Similarly, clients benefi t from simple tax reporting, improved 8 Technologies, Options UK, Quilter a vibrant fi ntech industry. The market is growing at an intergenerational wealth planning options and tax effi ciencies.” astonishing CAGR of 24.8% with experts predicting International, Zurich International, and Virtual Live * Source: UK Offi ce of National Statistics 2017 Racing. A new brand and www.mmc.co.im website it will be worth £300billion by 2022. That creates have been created as part of the brand identity tremendous opportunities for an international agency project which is designed to align the business with our wealth of experience and expertise, so more closely to markets that are being targeted the time was right to invest in a new brand identity for future growth, says Founding Managing to refl ect where we are now, and create a strong CRAIG WOLSTENCROFT Director, Craig Wolstencroft. He said: “We are an platform to support our ambitions for growth.” Founding Managing Director, MMC agency that’s focused on helping fi nance and MMC off ers customer-focused content, technology sector brands engage with audiences communications and PR services that enable clients across owned, earned and paid for media. We live to gain a competitive advantage, including content Manx hospital waiting lists in a very noisy, highly competitive digital world strategy, creation, and promotion. To fi nd out more where consumers can be exposed to up to 10,000 about MMC go to www.mmc.co.im or follow the brands every day. It’s an era of peak content agency on its Facebook, LinkedIn, Twitter and lengthening in the wake where we are all overwhelmed by information, Instagram channels. of pandemic Cains acts for Metrowise on its sale of Charles Taylor's UK hospitals being asked to Isle of Man companies Independent Isle of Man law fi rm, Cains, has recently advised Metrowise Limited, a subsidiary of international help out - Health Minister insurance services provider Charles Taylor Plc, in connection with the sale of its Isle of Man companies to Monument Re Limited. he hidden cost of the Coronavirus crisis to the Manx Health Service has The deal, which is subject to customary closing conditions including receipt of regulatory approvals, will see Metrowise Limited sell the entire issued Tbeen brought under the spotlight with the news that more than 2,500 share capital of LCL International Life Assurance Company Limited and Charles Taylor Holdings (IOM) Limited. people have now been waiting for over a year for hospital appointments. Charles Taylor is a global provider of professional services and technology solutions, which employs approximately 3,000 staff in 120 locations, The fi gure represents a 20 per cent rise since the coronavirus pandemic spread across 30 countries in the UK, the Americas, Asia Pacifi c, Europe, the Middle East and Africa. took hold. Worst aff ected have been patients requiring orthopaedic and Cains’ corporate and commercial team, which was led by Scott Leonard-Morgan with support from Kirsten Middleton and Jonathan Latham, acted ear, nose and throat (ENT) appointments. as lead Isle of Man legal advisors, assisting Metrowise throughout all stages of the transaction, including preparing and negotiating the sale and Health Minister, David Ashworth says UK hospitals are being contacted to purchase agreement and advising on all sell side aspects. see if they can assist with bringing down the Island’s waiting lists, though Scott Leonard-Morgan, Director of Cains, told B365: “We are delighted to have assisted Metrowise Limited in relation to the sale of its Isle of Man he’s aware they have their own problems at the current time. operations to Monument Re Limited. Our team have had a busy quarter, advising on numerous successful sales and acquisitions, which underpins not only our reputation as the leading Isle of Man law fi rm for mergers and acquisitions transactions, but the continuing attractiveness of Isle of Man businesses to both local and international investors.”

| 59 SLEEP PROBLEMS ENCOURAGE ENTREPRENEURIAL INTENTIONS NEW RESEARCH SHOWS Sleep deprivation is traditionally associated with lower productivity at work. However, it can also encourage aspiring entrepreneurs to launch their own business venture, a new study shows. esearchers found people with sleep problems were more likely to The fi rst study, a randomised controlled fi eld experiment, asked 350 people exhibit impulsive and inattentive behaviours commonly associated to complete surveys about their sleep patterns and ADHD-like behaviours Rwith attention-defi cit hyperactivity disorder (ADHD). during the previous six months and their entrepreneurial intentions. Those suff ering lack of sleep and th ese temporary “ADHD-like tendencies” They were then randomly split into two groups and asked to complete were more likely to develop entrepreneurial intentions. additional surveys after an uninterrupted or a disrupted night’s sleep. This might be because irregular sleep patterns pushed people towards a The second and third study asked 300 people to fi ll out surveys that more fl exible lifestyle, motivated them to work towards rapid payoff s rather measured their entrepreneurial intentions, followed by measures of ADHD- than slowly saving from a regular salary, or encouraged them view their like tendencies and sleep problems. business ideas as more feasible. A fourth study carried out a survey of 176 practising entrepreneurs. The The research by Warwick Business School, the University of Central results revealed that temporary sleep problems could prompt ADHD-like Florida, and Johns Hopkins Carey Business School was published in the tendencies and a desire to launch a new business venture, even amongst paper, The Weary Founder: Sleep Problems, ADHD-Like Tendencies, and existing entrepreneurs. Entrepreneurial Intentions, in the journal Entrepreneurship Theory and Jeff Gish, Assistant Professor of Management at the University of Central Practice. Florida and co-author of the paper, said: “We are not advocating depriving Mona Mensmann, Associate Professor of Entrepreneurship and Innovation yourself of sleep to get ahead.” at Warwick Business School and co-author of the paper, said: “Our results “We’re saying that there appears to be an interesting link between sleep suggest that sleep deprivation may nudge people towards acting on their and entrepreneurship.” entrepreneurial ideas, rather than simply thinking about them.” “ADHD-like tendencies can be a benefi t, rather than a hindrance in spurring “We live in an increasingly sleepy world, so maybe now is the time for a ventures. But there is a potential downside. Even though sleep problems more balanced discussion about the positive and negative impact of sleep might lure an individual to an entrepreneurial career, if the sleep problems deprivation.» persist, they can subsequently leave the individual without the cognitive and emotional competency to be an eff ective entrepreneur in practice.” Brian Gunia, Professor of Management and Organization at Johns Hopkins Carey Business School and lead author of the paper, said: “While such a view is controversial, it may help to challenge the stigma faced by those who struggle to maintain healthy sleep patterns and promote greater We're saying that there appears to acceptance.” be an interesting link between sleep The researchers conducted four distinct studies that connected the dots between sleep quality, temporary ADHD-like tendencies, and and entrepreneurship. entrepreneurial intentions. SLEEP PROBLEMS LAUNDERED ENCOURAGE ENTREPRENEURIAL UK MONEY INTENTIONS NEW RESEARCH SHOWS COULD BUY THE Sleep deprivation is traditionally associated with lower productivity at work. However, it can also encourage aspiring entrepreneurs to launch WHITE HOUSE OVER their own business venture, a new study shows. esearchers found people with sleep problems were more likely to The fi rst study, a randomised controlled fi eld experiment, asked 350 people exhibit impulsive and inattentive behaviours commonly associated to complete surveys about their sleep patterns and ADHD-like behaviours 1,000 TIMES Rwith attention-defi cit hyperactivity disorder (ADHD). during the previous six months and their entrepreneurial intentions. Those suff ering lack of sleep and th ese temporary “ADHD-like tendencies” They were then randomly split into two groups and asked to complete • In the UK, £325 billion was laundered in 2019 were more likely to develop entrepreneurial intentions. additional surveys after an uninterrupted or a disrupted night’s sleep. • An estimated $2 trillion is laundered globally every year This might be because irregular sleep patterns pushed people towards a The second and third study asked 300 people to fi ll out surveys that more fl exible lifestyle, motivated them to work towards rapid payoff s rather measured their entrepreneurial intentions, followed by measures of ADHD- • New illustrations highlight the extent of money laundering in the UK than slowly saving from a regular salary, or encouraged them view their like tendencies and sleep problems. he amount of money laundered in the money could comfortably buy the Taj Mahal demonstrating an increased risk in money business ideas as more feasible. A fourth study carried out a survey of 176 practising entrepreneurs. The UK is enough to buy the White House ($916 million) 327 times, the Empire State laundering, meaning more has to be done The research by Warwick Business School, the University of Central results revealed that temporary sleep problems could prompt ADHD-like 1,018 times, new research shows. Building ($1.89 billion) 158 times or even the over the pond in order to strengthen anti- tendencies and a desire to launch a new business venture, even amongst T Florida, and Johns Hopkins Carey Business School was published in the Emirates Palace, costing $1 billion, 300 times. money laundering regulations. The fi ndings, from anti-money laundering paper, The Weary Founder: Sleep Problems, ADHD-Like Tendencies, and existing entrepreneurs. service, SmartSearch, puts the amount of Globally, research reveals that an estimated John Dobson, CEO at SmartSearch, told Entrepreneurial Intentions, in the journal Entrepreneurship Theory and Jeff Gish, Assistant Professor of Management at the University of Central laundered money into perspective in a bid to $2 trillion is laundered each year, with B365: “Not only can money laundering aff ect Practice. Florida and co-author of the paper, said: “We are not advocating depriving draw attention to the extent of the problem countries such as Mozambique and Loso individual organisations, but its impact can be Mona Mensmann, Associate Professor of Entrepreneurship and Innovation yourself of sleep to get ahead.” worldwide. among the most at risk of money laundering, damaging on the whole economy as people at Warwick Business School and co-author of the paper, said: “Our results “We’re saying that there appears to be an interesting link between sleep as a result of non-existent regulations. lose confi dence and become more cautious suggest that sleep deprivation may nudge people towards acting on their and entrepreneurship.” In the UK, the total amount of money with their money. laundered in 2019 was a staggering £325 According to the Basel anti-money entrepreneurial ideas, rather than simply thinking about them.” “ADHD-like tendencies can be a benefi t, rather than a hindrance in spurring billion. For context, this sum could buy laundering index, the top 10 countries at “Despite ranking 106th in the Basel anti- “We live in an increasingly sleepy world, so maybe now is the time for a ventures. But there is a potential downside. Even though sleep problems Buckingham Palace outright 271 times, or the greatest risk of money laundering are: money laundering index, money laundering more balanced discussion about the positive and negative impact of sleep might lure an individual to an entrepreneurial career, if the sleep problems White House, valued at £319 million, 1,018 is set to rise in post-Brexit Britain, which deprivation.» persist, they can subsequently leave the individual without the cognitive 1. Mozambique times. could lead to huge losses. The Government’s and emotional competency to be an eff ective entrepreneur in practice.” 2. Laso Brian Gunia, Professor of Management and Organization at Johns Hopkins plan to create 10 ‘freeports’ is certainly a risk. For those interested in record-breaking Carey Business School and lead author of the paper, said: “While such a 3. Myanmar These freeports are areas inside the UK that view is controversial, it may help to challenge the stigma faced by those buildings and sporting landmarks, this sum of 4. Afghanistan are legally considered outside the country for who struggle to maintain healthy sleep patterns and promote greater We're saying that there appears to money could also pay for the world’s tallest customs purposes, so that goods brought in acceptance.” building, Burj Khalifa, 217 times, or Wembley 5. Liberia through these do not face import tariff s. While be an interesting link between sleep Stadium a staggering 271 times. 6. Haiti The researchers conducted four distinct studies that connected the these are being created in a bid to boost dots between sleep quality, temporary ADHD-like tendencies, and and entrepreneurship. But how does this compare to the other 7. Kenya trade, attract inward investment and increase entrepreneurial intentions. world players? In 2019 in the US, the total 8. Vietnam productivity, they have the potential to set the amount of money laundered was a huge 9. Benin UK’s anti-money laundering eff orts back and $300 billion, the majority of which was a put us at greater risk of becoming the money 10. Sierra Leone result of healthcare fraud. This amount of laundering capital of the world. Aside from this list, the Financial Action Task “Whilst we know in reality that these Force (FATF) also has ‘call for actions’ in Iran comparisons are purely illustrative, we wanted and the Democratic People’s Republic of to put things into perspective for those who Korea. These countries are considered very don’t have the full picture when it comes to high risk as they are not members of any anti- laundered money in the UK. It’s a real risk and money laundering organisations, meaning can be hugely damaging when companies are no laws are in place to help combat money caught out, so it’s vital that business prioritise laundering, making them easy targets for their anti-money laundering eff orts, especially money launderers. now as we navigate through such a turbulent The UK ranked 106th demonstrating a low business landscape. Globally, it’s important risk of money laundering, an improved score that all countries are members of anti-money from 2018 to 2019 showing the continued laundering organisations in order to implement progress being made in anti-money the necessary laws to combat money laundering regulations. laundering.”

The United States ranked far higher than the To fi nd out more about money laundering around the UK at 72nd in the Basel index. From 2018 to world, please visit: https://www.smartsearch.com/ 2019 the US’s overall score has decreased, resources/blog/money-laundering-around-the-world

| 61 TIP OF THE MONTH

By Phil Butler, Manager Harding Lewis Limited Chartered Accountants

UK SMES UNCLEAR WHEN C-19 SPECIAL OPERATIONAL ARRANGEMENTS WILL END The Covid-19 pandemic is continuing to have far-reaching impacts for the UK’s SME community, with at least three quarters experiencing a reduction in their cashﬂ ow, while a further 90% have had to put in place operational arrangements to allow them to keep trading, according to the latest independent research from Close Brothers Asset Finance. hose additional operational arrangements include working from home, staggered start times, alternate KNOW YOUR Twork days and enforced social distancing. “SMEs are struggling to predict just how long the impacts of the pandemic will be felt,” said Neil Davies, WORTH CEO, Close Brothers Asset Finance and Leasing. “But what’s clear is fi rms are – in the face of cashfl ow pressures – getting on with the job and doing what needs to be done to get back up and trading. Pricing strategy is one of the most difficult aspects of running a business. “Many are making use of government assistance, with around half of those surveyed saying they’ve made While traditional models such as use of the furlough scheme, while a further 31% have already applied for a CBILS (Coronavirus Business cost-based pricing are still prevalent Interruption Loan Scheme) loan; interestingly, 52% said that while they knew about it, they didn’t feel it was in some industries, they are quickly currently required. A further 16% were on the fence about whether to apply.” becoming old fashioned. Smaller Operational impact businesses, who offer bespoke services or products, should consider Four in 10 fi rms have stated they’re ‘open as normal’ – contrasted against this fi gure is the 21% who are moving away from these types of closed completely until lockdown ends. A further fi fth’s workers are now home-based and 9% available models in favour of a value-based for online consultations or meetings. pricing strategy. “With numerous businesses able to operate from home, this, for many, has become the ‘new normal’, A value-based strategy places less which likely explains why so many are ‘open as normal’,” said Neil. “We’ve seen this with our own emphasis on what it costs you, the business – despite the initial challenges, we’ve been able to continue to serve the needs of our seller, to create your product or customers, both existing and new. service, and more on knowing its worth to the customer. You need to Nearly all participating businesses expect operational arrangements to be in place for at least a few have an open dialogue with your months, with 6% planning for the measures to be made permanent: customers to establish exactly what Less than 1 month 4% they want from you or your product. This strategy favours businesses that 1-3 months 21% offer added benefits or that have 4-6 months 31% unique selling points that competitor 7-9 months 13% business don’t have. 10-12 months 10% If you would like to talk more about pricing strategy and which is right for Longer than 12 months 9% your business, please get in touch We expect the measures put in place to become permanent 6% with our team. Don’t know 6% n Visit hardinglewis.com There are mixed views; however, about when fi rms expect to be fully operational again, with two thirds of the opinion it will be anything between three to six months. “These fi gures underline the uncertainty business owners and employees alike are operating under,” said Neil. “And this is refl ected in their predictions about future staffi ng levels – 39% will be returning with the same number and 9% are anticipating hiring more staff . “On the more conservative side of the coin, 44% are planning to return with fewer people.”

62 | INVEST WITH YOUR HEAD AND YOUR HEART UK SMES UNCLEAR WHEN C-19 SPECIAL OPERATIONAL ARRANGEMENTS WILL END The Covid-19 pandemic is continuing to have far-reaching impacts for the UK’s SME community, with at least three quarters experiencing a reduction in their cashﬂ ow, while a further 90% have had to put in place operational arrangements to allow them to keep trading, according to the latest independent research from Close Brothers Asset Finance. hose additional operational arrangements include working from home, staggered start times, alternate Twork days and enforced social distancing. “SMEs are struggling to predict just how long the impacts of the pandemic will be felt,” said Neil Davies, CEO, Close Brothers Asset Finance and Leasing. “But what’s clear is fi rms are – in the face of cashfl ow pressures – getting on with the job and doing what needs to be done to get back up and trading. “Many are making use of government assistance, with around half of those surveyed saying they’ve made use of the furlough scheme, while a further 31% have already applied for a CBILS (Coronavirus Business Interruption Loan Scheme) loan; interestingly, 52% said that while they knew about it, they didn’t feel it was currently required. A further 16% were on the fence about whether to apply.” Operational impact Four in 10 fi rms have stated they’re ‘open as normal’ – contrasted against this fi gure is the 21% who are closed completely until lockdown ends. A further fi fth’s workers are now home-based and 9% available for online consultations or meetings. “With numerous businesses able to operate from home, this, for many, has become the ‘new normal’, which likely explains why so many are ‘open as normal’,” said Neil. “We’ve seen this with our own business – despite the initial challenges, we’ve been able to continue to serve the needs of our customers, both existing and new. Nearly all participating businesses expect operational arrangements to be in place for at least a few months, with 6% planning for the measures to be made permanent:

Less than 1 month 4% 1-3 months 21% CHAMPIONING 4-6 months 31% RESPONSIBLE 7-9 months 13% 10-12 months 10% INVESTING Longer than 12 months 9% We expect the measures put in place to become permanent 6% Don’t know 6%

There are mixed views; however, about when fi rms expect to be fully operational again, with two thirds of the opinion it will be anything between three to six months. For life’s ﬁ nancial journey “These fi gures underline the uncertainty business owners and employees alike are operating under,” said Neil. “And this is refl ected in their predictions about future staffi ng levels – 39% will be returning with the www.rl360.com same number and 9% are anticipating hiring more staff . RL360 is part of “On the more conservative side of the coin, 44% are planning to return with fewer people.”

Registered O ce: International House, Cooil Road, Douglas, Isle of Man, IM2 2SP, British Isles. Registered in the Isle of Man number 053002C. RL360 Insurance Company Limited is authorised by the Isle of Man Financial Services Authority.