1 Comment

  1. Shark Hunter
    December 6, 2018 @ 11:21 am

    The sad thing is this is that nothing has changed and expats are at risk of the offshore vultures, many run from backwaters like the UAE and the Far East, but Isle of Man insurance products still being sold as never before. The IOM seems to have unilaterally decided to dodge the transparency bullet and will not be providing essential information to customers. Adverts popping all over the place for insurance firms in the Caymans, Bermuda and other such places ready to step into the void if commission ever has to be disclosed to the long suffering British expats. One IOM man firm seems to be opening an offshore office to avoid this.

    Don’t agree to anything till you check-

    1. The regulation of the firm and the adviser and make sure it is none of this using the UK regulated office as a hook but then transacting the business via the UAE branch.
    2. Check the qualifications of the adviser and get evidence from an institute register or membership card.
    3. Only work on UK std adviser charging- ie fees that are transparent.
    4. Check out the management’s qualifications, tells you a lot about the culture of the firm.
    5. Check if the IOM insurance company has a licence for product sales in the EU, you may be surprised.

    There is no need to take out a long term savings plan, you won’t make any money. Avoid insurance bonds unless there is a genuine reason for their use and make sure it is on a clean costed basis, meaning no commission.

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