BVL is also conscious that UK residents may take advice outside of the UK.
The influence of non-UK intermediaries will be greater for UK resident non-domiciliaries and those UK nationals whose personal lives and businesses cross borders. BVL’s parent body is the Swiss-based Bâloise Group.
The group and BVL have longstanding relationships with intermediaries across the eurozone.
These partners require assistance with UK residents, with clients considering moving to the UK and UK nationals living as expatriates.
The creation of a UK-compliant contract is as much for existing partners as it is for a new UK IFA audience.
Also, consider that a core of specialist UK IFAs promote their services to private client institutions on mainland Europe: institutions that may already work with BVL as an introducer, custodian or asset manager.
Furthermore, intermediaries in the UK and associated islands offer access to a global audience.
I have numerous enquiries where IFAs seek solutions for clients with no connection to the UK other than sourcing a service or advice.
To distinguish itself from its competitors for the new audience, BVL will seek to add value via its ProFolio range of insurance bonds.
For example, many UK-focused foreign insurers have developed sophisticated trust packages to work in combination with insurance bonds.
While BVL has no trust products, it might offer far more to those advisers working with offshore trustees seeking flexible country-specific solutions.
It is worth noting that BVL recognises the strengths of existing market participants and will not aim to compete against them.
