News: Standard Life pulling out of UAE

It has just been formally announced that Standard Life is pulling out of the UAE market with immediate effect. The UK insurance company is a relatively new provider in this region, but due to issues with licences from the UAE Insurance Authority, they have effectively been prevented from offering plans via licensed brokers.

Standard LifeThere are no concerns or issues with the parent company which is one of the best known and respected UK insurance companies, but it seems that a strategic decision has been taken.

Anyone who has a plan with the company that has been arranged through the UAE office will not lose out and Standard Life will be contacting all clients directly to advice of the decision. Although plans will be closed, I have been assured that no one will lose out financially and the company has generous terms of repayment.

I have already contacted those of my clients who have plans with the offshore division of Standard Life, but if anyone else reading this has plans and requires advice on what they should do next, please do not hesitate to contact me.

keren@holbornassets.com

 

Advertisements

About financialuae

A qualified and experienced Independent Financial Adviser based in Dubai, UAE. Professional and ethical. Freelance writer on personal financial issues & the On Your Side column in The National. Regular radio guest. Senior Partner at Holborn Assets LLC, Dubai, UAE.
This entry was posted in General financial information, News and tagged , , , , , , . Bookmark the permalink.

One Response to News: Standard Life pulling out of UAE

  1. therealgeordiearmani says:

    Another informative post, thank you 🙂

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s