FRIENDS PROVIDENT INTERNATIONAL

– A COMPANY WITH A PURPOSE

May 2017

Friends Provident International (FPI) is part of an organisation founded in 1832 as a friendly society in the UK, set up by a body of people with a common purpose: to serve the Quaker community, or the religious society of friends, with insurance. The original idea was to spread the risk of death from individuals to a pooled group by way of paying a premium in return for life cover. Since these early days the industry has grown and developed into other areas such as savings, investment, pensions and critical illness and today FPI is part of the Aviva Group, which has 34 million customers and almost 30,000 employees across 16 markets worldwide FPI in the UAE has a similar strength of purpose, but different target customers. We are there for certain expatriate groups at the most vulnerable and important moments in their lives, whether that be serious illness, death, retirement, their children’s graduation or wedding. We don’t sell directly to the public, as we believe that financial advice is an important component of the decisionmaking process for a complex and potentially long term purchase. The UAE life industry is facing significant change, with important changes to regulations pending from both the UAE Insurance Authority and the Emirates Securities and Commodities Authority ( ESCA). This updated regulation is designed to improve customer outcomes, which of course FPI welcomes. We believe that it is time that the industry, including advisers, got back to what it has traditionally done best: serving customers.

Finally, we are concerned that some customers will have been put off from making important financial decisions because of uncertainty about where to go for professional help. However, I’d encourage you to think again: inaction in relation to planning your finances is probably the worst decision you will make and the industry is improving. For sure, choose your adviser and solution carefully, but do choose. There is ample evidence to suggest that taking good financial advice is preferable to not acting at all. If you don’t have an adviser, you can visit our website www.fpinternational.ae where we have a list of suitably authorised key distribution partners. The contents of this article reflect the opinions of the writer and not necessarily Friends Provident International or other companies in the Aviva Group. This content is for information only and does not constitute financial advice. Readers should seek their own professional advice before making financial planning decisions. Friends Provident International Limited and other companies within the Aviva Group accept no liability for loss of any kind incurred, or any action taken or not taken, as a result of reliance on the information or opinions provided in this article. © Friends Provident International Limited. Registered in the United Arab Emirates as an insurance company (Registration No. 76).