Online service to end long waits for offshore approval

A new online service claims it will spell an end to IFAs waiting for days to find out if their offshore bond provider will accept their chosen funds. Probity, which was developed by Isle of Man-based consultancy Acuity, aims to gather information on a universe of some 3,000 funds in one place in such a way that life companies can match the funds with their regulatory requirements. Because of the governance rules that apply to life companies in different jurisdictions as the effective owners of the assets in offshore bonds, some funds could be approved by bonds based in one jurisdiction ...