Royal Skandia International

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Many years ago someone said that this company, which is based in the Isle of Man, provided products to international clients while its sister company (based in Ireland) provided products in Europe.

Why then does this firm a) actively promote itself in the EEA / b) have a European sales manager / c) accept business from clients in Europe - WHEN THEY KNOW THEY ARE NOT AUTHORISED TO SELL THEIR PRODUCTS IN THE EEA.

Simple - cost, it costs too much for the sister company in Ireland to register its products in Europe.

So what are consumers left with - a series of inflexible, high cost products that pay a high level of commission to intermediaries who sell them. Consequently exit charges are also.

What does this show? The system of regulation is the EEA is poor and works to the detriment of clients. It also shows that the offshore industry is rotten to the core as the actions of this company and others (eh, Generali International), supported by intermediaries, continue unabated.

I hope clients read this and think very carefully about investing their money offshore. ALL sides (without exception as far as I am aware) are working for their own self interest and not putting the clients interest first.

This has to stop.

Review about: Offshore Investments.

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