13th November 2014 by Jessica
Do you have an offshore savings plan with Standard Life in the UAE? If so you need to read this!
This week we experienced a rumble in the financial services industry as we saw Standard Life pull out of the UAE Market.
The reason we are led to believe is based around an issue with licensing and the fact that they didn’t hold a license issued by the UAE Insurance Authority. The consequence of this mean that they are no longer allowed to do business with financial brokerages here in the Middle East.
The decision has of course seen the loss of jobs of the UAE members of staff but also brings consequences to any expatriate that has a Standard Life savings plan that they took out whilst here in the UAE.
Standard Life has made a statement to confirm that any person that holds such a plan will not suffer as a result and in fact are offering a fairly lucrative repayment plan. The company said it had taken the decision, which is subject to regulatory approvals, “following changes in the regulatory landscape and resulting environment”. It added that it will be contacting all customers with an in-force savings and investment plan to offer them a closure value – this will include an 8% enhancement which will be paid into their plan.
However anyone that holds an offshore plan with Standard Life should seek independent advice from a regulated financial adviser on how best to proceed.