Tenet has teamed up with Leeds Building Society to expand the society’s overseas business model.
The society’s new subsidiary Leeds Financial Services Overseas will work with Tenet as an appointed representative to grow its services to clients in Southern Spain and Gibraltar, with plans to expand into other European countries at a later date.
Tenet has received permission to passport insurance mediation services through its Interdependence network, which will support LFSO.
Leeds BS has had a branch in Gibraltar since 2003 and has since built up a client base through its branch-based products. It also offers Sterling and Euro mortgages to UK residents, UK ex-patriates and Gibraltarians looking for holiday homes, second homes or permanent residences.
It says demand has led to its lending service expanding into Costa Del Sol, Costa Brava, Costa Blanca, Canary and Balearic Islands.
Tenet group distribution and development director Keith Richards says: “The potential market for professional financial advice abroad is one that has yet to be capitalised on and we are delighted to be supporting Leeds Financial Services Overseas in this exciting new initiative. Tenet’s innovative approach for LFSO will form a base from which it will be able to offer services to advisers operating elsewhere in the EU.”
Leeds Financial Services Overseas chairman Kim Rebecchi says: “We have launched this service to meet the demand for a UK standard Financial Planning service, which is regulated by the FSA in the UK and FSC in Gibraltar, and we have a fully qualified Financial Planning Manager based at our Gibraltar branch. We also plan to be able to provide the expatriate community in Spain with access to this service when MiFID is introduced later this year.”