The Manx Insurance Association says it’s confident members will comply with the Retail Distribution Review regulations by next year.

The organisation’s deputy chairman Gill Marples says Island insurance companies are on target to change the way they do business with UK investors.

A recent survey claimed half all offshore investment and retirement products still fail to meet the regulations – but the MIA says its members have been working to ensure their products and services are compliant in time for the regulatory deadline.

Some have already released details of updated products and services, while others will be releasing details over coming months.