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Expat Investor : January February 2009
NEWS Luck of the Irish for depositors THE IRISH government has confirmed four banks will be protected by its bank guarantee scheme safeguarding offshore savers in the Isle of Man. The following six lenders have agreed to be in the scheme, which will protect 100% of depositors’ savings; Anglo Irish Bank Isle of Man, Bank of Ireland Offshore, Irish Permanent International and Irish Nationwide Isle of Man. The Irish government says that its guarantee makes the protected Irish banks more attractive than other Isle of Man deposit-takers, who are only covered for the first £50,000 by the Manx depositors protection scheme. Fears persist that the Irish scheme could distort competition and drain deposits from UK banks. The guarantee will cover all of the banks’ liabilities, estimated at £315 billion, including retail and commercial deposits plus senior and dated subordinated debt. Taking part in the scheme comes at a cost for banks, who must submit a new low-risk business plan and have the Irish financial regulator’s staff on site. The Irish government would only step into compensate consumers if one of the banks in the scheme failed. OFT warns about bogus holiday clubs THE UK’s Office of Fair Trading (OFT) is warning expats about Spanish bogus holiday clubs that cost Brits millions of pounds every year. The OFT Scambusters Team is handing out information and fake holiday club scratchcards at airports including Belfast International, Birmingham, Bristol, East Midlands, Gatwick, Leeds/Bradford, Manchester, Newcastle and Stansted. The scratchcards, which are designed to look like those handed out by bogus holiday club touts, ask ‘Have you won a luxury holiday?’. Scratchcards given out by touts for bogus holiday clubs are all 'winners' but the prize turns out to be a trip to a lengthy sales presentation and a chance to pay thousands of pounds for membership to a bogus holiday club – according to the OFT warning. Every year large numbers of UK consumers are tricked out of thousands of pounds at resorts across Spain such as Malaga, Marbella, Gran Canaria and Tenerife. Consumers are typically targeted by touts who hand out bogus winning cards to holidaymakers. To collect their prize they are required to attend a lengthy presentation and persuaded into signing a contract for an ‘exclusive’ club on the basis of false claims about the price, range and quality of holidays available. OFT research shows that 78% of bogus holiday club victims are aged between 35 and 64. The average loss per victim is £3,030. Holidaymakers who are approached by a scratchcard tout or who attend a presentation should consider: ? Do you have the time to sit through a lengthy sales pitch? ?Will the promises made by the salesman be in the contract and can you rely on them? ? Can you take away the contract to consider at your leisure or cancel later? ? Do you know exactly what you are getting for your money? If the answer to any of these questions is ‘no’, then the OFT advises to simply walk away. * 2008 Winner Best International Private Bank Group Best International Wrap Provider 2007 Winner Best International Private Bank Best International Investment Platform Provider 2006 Winner Best Offshore Bank Best Commitment to Service 2005 Winner Best Offshore Bank Best Offshore Bank Product (FOCUS) Best Internet Service 2004 Winner Best Offshore Bank 2003 Winner Best Offshore Bank Best Offshore Bank Product (FOCUS) 2002 Winner Best Offshore Bank Best Offshore Bank Product (FOCUS) 2001 Winner Best Offshore Banking Product Range Morgan Stanley launches structured product range MORGAN STANLEY has launched a range of capital protected structured products, offering increased participation rates during volatile financial markets. Morgan Stanley’s latest products enable access to contemporary themes, such as the Infrastructure Protected Growth Plan 2 linked to global fundamental services such as utilities, transportation and energy. The new plans combine the security of capital protection at maturity with attractive return potential from highly competitive participation rates, making them compelling investments given the current market environment. The plans offer the growth potential of global stock markets without some of the risks involved with direct equity investment. The capital protection for the plans is provided by securities issued by Morgan Stanley, rated A+ by Standard & Poor’s. The Protected Growth Plans, which access UK equity, Asia (excluding Japan) indices, and global infrastructure, offer investors the opportunity to achieve a high fixed amount and exit from the plans early, should markets recover slightly (10%) over three years. Otherwise, the plans continue to maturity, when investors receive the return of their capital plus competitive participation in any increase in the underlying indices. Alternatively, the FTSE Capital Plus Plan would suit investors with a more cautious view of the direction of UK equity markets over a six year investment horizon. Investors receive a minimum return of 24% regardless of how the market performs, and also retain the potential to participate in any gains above this minimum level. The minimum investment amount is £3,000. Marc Chamberlain, Vice President, Structured Products, comments, “Understandably, investors are nervous about the financial climate so we are confident that our latest capital protected plans will offer advisers some much- needed diversity of risk and reward options for their clients.... Capital protected, fixed term investments can provide downside protection for investors, and may play an important role in preserving investor wealth during difficult times.” Fast Facts 22111 The award-winning account that adapts to your needs. Focus * Best International Wrap Provider Focus from Fairbairn Private Bank is a fully integrated banking and investment service that can constantly change to meet your evolving requirements. With a multi-currency bank account, gold status Visa card, fixed term deposits, foreign exchange, share dealing services, investments, lending, structured products and pensions, this is truly a service for everyday life, throughout your life. So if you’re looking for the most adaptable, award-winning account from the Best International Wrap Provider, take a closer look at Fairbairn Private Bank. To find out more about our award-winning wealth management services, call us on+44 (0) 1624 645000 or visit www.fairbairnpb.com distinctly different Fairbairn Private Bank is a registered trade name of Fairbairn Private Bank (IOM) Limited and Fairbairn Private Bank Limited. Fairbairn Private Bank (IOM) Limited is licensed by the Isle of Man Financial Supervision Commission to take deposits and provide investment services. Registered office: St Mary’s Court 20 Hill Street Douglas Isle of Man. The London office is authorised and regulated in the UK by the Financial Services Authority. Fairbairn Private Bank Limited is regulated by the Jersey Financial Services Commission. Registered office: Fairbairn House 31 The Esplanade St Helier Jersey. Latest audited accounts are available on request. Authorised and regulated in the UK by the Financial Services Authority in respect of regulated mortgage contracts only. UK Financial Services Authority registration numbers: Fairbairn Private Bank (IOM) Limited 313189 Fairbairn Private Bank Limited 313187 (EXINV) Fast Facts 22001 January/February 2009 ? EXPAT INVESTOR 3
March April 2009