Close widens reach of Guernsey Qrops
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Close Brothers Asset Management has widened the distribution of its Guernsey qualifying recognised overseas pension scheme to offer it through Royal London 360º Friends Provident International, Skandia International and Generali International bonds.
The firm says the move adds flexibility as advisers and clients can include life cover to top up capital in the plan on the death of the member for the benefit of dependants.
Close says advisers will also have access to a much wider range of investment funds and discretionary managers.
It says the inclusion of life products brings a complex range of issues in terms of how the Qrops and life product interact from a legal and operational perspective. Close says it has invested in ensuring that these issues have been properly add-ressed and that this differentiates the firm many of its peers.
But AES International managing director Sam Instone says: “I am very sceptical of this move because it appears that due to their failure to get direct distribution into their own product, they have opened the gates to offshore providers. I am concerned that the products could be distributed through unqualified or unregulated advisers with zero knowledge of UK or international pensions.”
Close head of marketing Rex Cowley says: “The providers we work with are highly reputable organisations and are robustly regulated. Close employs an ind-ependent vetting process with all IFAs who are looking to qualify for terms of business with us.
“This is a stringent method which looks at the advisory firm, their licences, their jurisdictions and their practices before we approve them. We regularly turn down firms because they do not meet our criteria.”
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