Cross-border life products may have protection of UK

Advisers trying to sell offshore services to UK residents may have received a huge boost after it was discovered that any European or Crown Dependency insurance product sold to a UK resident might be protected by the UK's Financial Service Compensation Scheme (FSCS). A major concern intermediaries have had about offshore bonds and using European Economic Area (EAA)-based insurers is that their clients would not be protected in the case of a bankruptcy. This development would take away that doubt and provide a psychological boost aiding the sale of cross-border policies. While there are st...