In an announcement released on Tuesday, the life company said it will only accept applications for new business from customers who either ‘fly to buy’ or reside in Dubai, Hong Kong and Singapore.
Customers in FPI’s ‘permitted jurisdictions’ of South Africa and Qatar will also be able to purchase FPI products.
After 1 November this year, applications received from jurisdictions outside of its licenced hubs will not be processed. Cases of new business will be processed until 31 December.
Last week, the company announced its plans to restructure, which include exiting the UK offshore market.
“Business will not be accepted from any other jurisdiction,” the announcement reads, adding that financial advisers should explain to their clients which jurisdictions are permitted.
Top up
FPI said existing customers will be unaffected by this announcement, and can still ‘top up’ their policies. “We remain committed to helping our customers achieve their financial goals,” it said.
A spokeswoman for FPI said the company plans to boost its headcount within its core markets to drive further sales.
