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Expats can get FSCS protection

AES International has launched a whole of market wrap platform which includes a managed banking service to help expatriates get protection under the UK Financial Services Compensation Scheme.

The managed banking service allows private and corporate clients to diversify funds in separate statutory trust accounts with one or more underlying banks, with each benefiting from £50,000 cover under the FSCS.

Investments held through the firm’s custody and nominee service or investment management services are held externally within a nominee company to safeguard assets.

Accounts can be opened for personal and corporate trustees, charities, clubs and unincorporated associations.

The firm says the move comes in part by demand from expatriate clients who no longer wanted to hold their money in offshore savings accounts after the collapse of Icelandic banks.

The wrap also offers specialist advice on financial planning, including wealth and investment management, foreign exchange, protection, loans, trust and estate planning services.

AES is also offering the wrap as a white-label solution for IFA networks.

It says the fee-based platform is designed to integrate investment and whole of market advice as an IT-driven wrap platform rather than a product-provider-driven offering.

Managing director Sam Instone says: “This is a better fee-generating system as it allows IFAs to develop much more ongoing residual income, meaning that they are much more RDR-compliant than the trad- itional product sales model in which lots of advisers are caught at the moment.”

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