Scottish Life International (SLI) has lodged its application with the Dubai Financial Services Autho...
Scottish Life International (SLI) has lodged its application with the Dubai Financial Services Authority (DFSA) to market products to the region.
The project is still in its planning stages and the company hopes to distribute a regular premium product to resident Indians and expats in Dubai.
Full details are yet to be decided but the aim is to produce a retirement and savings plan and there will be a range of fund links designed to appeal to all types of investor, from the cautious to the adventurous. SLI intends to put a minimum investment in place of $1,600 pa, similar to requirements on its existing products.
Douglas Law, head of marketing at SLI, said: "We have the initial go-ahead from our parent company. We are in talks with the Dubai regulators but it will not be until 2007 when the actual product launch takes place."
At a later stage SLI may look at developing products for the Islamic market.
The application process for the DFSA is likely to take a year. At this stage SLI has only decided to focus on distribution to Dubai and is not considering expanding out to the whole UAE.
If the application is approved, SLI has plans to open an office in Dubai, but administration will be outsourced to Beirut. It would look at distributing its products through banks.
SLI already has a Lebanon base in the Middle East where the company sells its protected lifestyle plan to local residents and to North Africa.
Other areas which SLI distribute include South Africa where it has a joint venture with Harvest Life. In Europe its main target market is Germany where it sells with-profit policies.
The majority of financial advisers (85%) believe the number of self-invested personal pension (SIPP) providers will continue to fall in the coming year, according to Dentons Pension Management research.
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