Factoring in the offshore elements

Skandia International urges IFAs to consider the financial security of offshore firms they deal with.

Speaking at an offshore investment presentation in London, Skandia International's marketing manager, Phil Oxenham, said  “Most customers now recognise that every asset, even cash, can go up and down, so they need to start looking at firms in the same way. Legislation and regulations are changing and so a firm that is able to support the adviser in these areas would be a valuable asset.”

Oxenham continued: "IFAs need providers who can demonstrate they are in the business for the long-term.  Today’s selection of a provider should be based on those who can ensure a long-term presence in the market and can continue to improve their proposition by pitching their products at the right price and showing they’ll be making the necessary investment in product improvements."

Speaking at the same event, Andrew Bates from Fairbairn Trust Company's Overseas Pension believes a prime factor IFAs must consider is the jurisdiction itself. “IFAs need to to ensure they are doing business in a well-regulated jurisdiction. And if you look at the islands such as Jersey, Guernsey and the Isle of Man, these are clearly well-run, well-regulated jurisdictions. Then you’ve got to look at your product and service provider. Are these companies of a reputable nature? Are they of good financial standing?  And, have you got clarity and transparency on fees of products and structures?”

Fairbairn Trust Company’s Overseas Pension won Best QROPS Provider at the International Fund & Product Awards 2011 and Skandia International scooped four trophies. The full list of award winners and highly commended entries is available at
http://www.ifaonline.co.uk/international-investment