Advisers wishing to provide services relating to offshore products need to ensure they are qualified to an appropriate level and are authorised to recommend such investments.
According to Neil Chadwick, technical manager at Royal London 360, as well as ascertaining whether they are suitably qualified, advisers should also ensure that they fully understand the differences between offshore and onshore products and the benefits or drawbacks of both.
A spokesperson for the Investment Management Association said that UK financial advisers must be authorised to sell offshore funds.
The IMA added that investors can purchase from an offshore financial adviser, but said that investors should check with the FSA that the adviser is properly authorised by the country’s regulatory authority, or direct from a fund management firm or via the internet.
