The Isle of Man office of Pannell Kerr Forster, the international accountancy and business advisory group, has announced a new organisational structure as a direct response to changes in the Isle of Man's regulatory environment for financial services providers. At the same time, it is to change its name to PKF.
Pannell Kerr Forster is active in a number of areas, including assurance & advisory services, corporate finance services, taxation services, and also offshore tax and trust consutancy and captive insurance services. As of March 1, the company's business will be carried out via two new operating companies, PKF (Isle of Man) LLC, which will provide audit and advisory services, and PKF (Isle of Man) Ltd, which will provide all other services such as trust and company formation and administration, tax compliance and consultancy, accounting services, corporate recovery and insolvency, and forensic services.
The only areas not subject to change are PKF's ship management and captive insurance services.
Paul Seaward, managing partner in the Isle of Man, commented on PKF's restructuring: 'These changes have been made in response to the planned introduction of corporate service providers regulations in the Island and changes made last year to the legislation covering company audits'.
He continued: 'Our name change is to keep in step with our international association’s worldwide change of operating name and logo to PKF International. The overall ownership by the current partners remains the same and the changes will not affect the standards of service which we will continue to give to all our clients'.
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