BVL is well known across the continent for its life insurance and financial services but has never had dedicated local representation in the UK. Why has it decided to develop the UK market now, and why has it chosen this route?
BVL research has revealed there is growing interest in life assurance within the UK private client advisory community.
In addition, there was latent demand from many of BVL’s existing partners within the European Economic Association, whose pan-European business models required a solution for UK residents.
As BVL operates across 15 EU states, and as it had not previously developed a UK proposition, this was an obvious market to consider.
In building up a distribution operating on a fully compliant basis in the UK, BVL had to decide between establishing a physical presence in the UK, have staff trip in from mainland Europe or employ the services of a directly regulated third party, such as IIII, which offers a locally regulated presence, market experience and existing long-standing relationships.
In the end, it opted for the latter, which gives it a fully regulated chain of delivery from product provider to the ultimate client as demanded by the Financial Conduct Authority (FCA).
What is the firm’s strategy to build market share in the UK market, and could you explain how your offering differs from your competitors?
First, we must define what we mean by the UK market.
There are two base elements: the UK as defined by FCA-regulated intermediaries; and UK clients that might be advised elsewhere.
BVL has created insurance solutions and unit-linked insurance contracts that are fully compliant for sale by FCA-regulated IFAs to UK residents.
Equally, it has compliant products for the residents of 14 other EU jurisdictions, and these can also be employed by UK IFAs, either in the UK or outside of the UK via a European passport.
