Boal & Co Achieves Special Award At International Fund & Product Awards 2011
Boal & Co has received a Special Award at this year’s International Fund & Product Awards in recognition of its pioneering QROPS (pension) scheme.
Trinity, the very first ‘designer’ QROPS, was created by Boal & Co to maximise the possibilities from the Isle of Man’s new ‘section 50C’ pensions legislation. Trinity is still the only registered Qualified Recognised Overseas Pension Scheme (QROPS) of its type.
Earlier this month, HMRC confirmed that pension schemes approved under the 50C legislation can satisfy the requirements to be a recognised overseas pension scheme.
At today’s annual IFPA awards presentation in London, Boal & Co was presented with a Special Award for Technical Innovation in the QROPS Sector.
Managing Director Gary Boal said:
‘Boal & Co has been very much at the vanguard of the 50C initiative and we welcome HMRC’s positive conclusions in respect of 50C. Trinity literally redefines the QROPS landscape and so we are delighted that all the hard work and effort which went into creating Trinity has been recognised by such a leading body as the IFPA.’
The Awards, now in their 12th year, recognise the achievements of the offshore financial services industry. They are judged by an independent panel of industry practitioners and experts and this year there were more than 90 entries from a wide range of companies in the offshore sector.
Commenting on Boal & Co’s award, the IFPA judges said:
‘We felt that Boal & Co displayed a depth of technical knowledge that shows a clear understanding of the QROPS market. There is no doubt that Boal & Co’s work in this sector has not only helped other providers in the sector, it has improved customer choice. It shows a genuine commitment to the market and customers alike. Technically as good as it gets and they should be congratulated.’
The judging process is a mixture of quantitative and qualitative assessments, looking at attributes such as:
• Commitment to target market
• Appropriateness and breadth of product range
•Use of technology to improve service
• Levels of training
• Levels of service support to distributors
• Recent initiatives to improve products and services
Deborah Benn, chairman of the judging panel, said:
‘There is no doubt that standards have improved dramatically with regard to the transparency of products and education material on offer to those investing offshore. The judges were extremely impressed with the level of detail offered by entrants, which highlighted these improved standards.’
The full list of winners of this year’s awards can be obtained at www.offshoreawards.com