Total new business sales of UK distributed offshore bonds last year came in more than 7% below 2010 levels, after what industry experts said was a difficult 12 months for those in the business of marketing these popular and tax-efficient long-term investment products.
New business sales increased by 21% year-on-year at Royal London 360° in 2011, as other areas of the Royal London Group delivered mixed new business figures.
As the UK life insurance industry heads into the final weeks of 2011, it is clear that it is unlikely to end up being quite the bumper year for offshore bond sales to onshore clients that some had forecast.
Cross-border life company Royal London 360° has joined forces with UK wealth platform True Potential to provide an offshore bond for investors.
News that Skandia has closed the offshore bond on its platform to new business is being shrugged off by other platform and offshore bond providers.
Life companies are increasingly launching products tailored to the needs of consumers in specific countries.
Royal Londons group chief executive Mike Yardley is planning to step down.
Ascentric has become the first UK wrap service to put a QROPs on its platform.
The increase in capital gains tax from 18% to 40% may boost offshore bond sales, say commentators
Royal London 360°, the offshore life arm of the Royal London Group, has added nine new funds to its Paragon international regular premium bond product. The additions follow a recent review by RL36
