macteepee

Just wondering if anyone had heard of these people? http://worldwide-offshore.com/default.aspx

They contacted us a week or so ago, hubby thought they got our no. from the bank, but when I asked during the meeting the guy told me they normally get contacts through other clients. We have no idea who would've given them our no. as we've only been here a month.

Basically, they give financial advice to expats - I had a meeting with one of the consultants and it sounded all above board to me, but hubby has his doubts.

Does anyone have any experience with these people?

MacScot

Use tried and well-proven international banks RBS, Lloyds etc for offshore accounts.

ScotsExpat

Used to work in this industry and the 'contacts through clients' is there way of saying they have trawled through phone book, airline records (you can get these!!!) etc to look for a suitably 'expat' surname.

They also probably told you that, due to client confidentiality, they couldn't tell you who there client is, yeah?

macteepee

No, he didn't mention not being able to tell me who referred us. He said he wasn't one of the staff that gathered contacts.....

ScotsExpat

By the looks of the size of this company, against other companies I know that work in this sector, the guy you met is unlikely to have a team of guys handing out leads to the sales staff.

The important thing to remember is that this guy is, at the end of the day, a salesman who works on commission. Their personal product range is VERY basic and easily third-partied for a healthy commission. As was mentioned before, if its basic offshore banking you are looking for, stick with an instantly recognisable name.

Looking at their quoted returns, they appear too good to be true and, as my mammy always used to say, if it looks too good, it probably IS too good!!

(This is probably why I made a shit IFS salesman, just too damn honest!!!!)

Whilst they will offer insurance, banking and loan facilities, they will ultimately be looking for you to give them your money and start playing the investment market for you. Personally, I prefer to play it for myself, its much more fun and I know that I get 100% of any gain and, if I lose, at least I have no-one else to blame but myself.....

macteepee

Ok Thanks for the advice ScotsExpat. We weren't really looking for anything, but they contacted hubby saying that there were savings accounts they could arrange for us with a 12% interest. Considering the highest interest one we have is 6%..... I normally do all the finance research as hubby is a bit lazy in research respects and have no idea where to start as far as getting a better high-interest account. The ones they recommended for us were with Skandia (??). Any recommended reading would be great if you have any......

t19hlr

Looked around the web and can't find anything on these guys, so I'd suggest you stay away from them. Being headquartered in London you'd expect them to be FSA authorised, which they are not. They don't even seem to be registered with Companies House, unless I'm getting the name wrong (searched Worldwide Group and Worldwide Limited).

I know someone in Bahrain who was caught in a scam recently by a Swiss finance company claiming to be registered in London. Unfortunately she lost $10,000 because she fell for their sales pitch and as they were not regulated the FSA or any other financial body cannot help her.

ScotsExpat

I have had a hunt and cant find any of my old IFS stuff. Skandia, however, are a legitimate company and are well known in the sector. One of the reasons many IFS companies deal with them is due to the commission structures taht they offer the co's.

Also tried to check these guys out at Co House and, judging by the number of co's registered at 29 Harley Street, London, the building is either a ******' sky scraper or it could just be a drop box address. Interesting to see that the majority of their 'ofices' are based in countries where fraud is quite a growing industry!!!!

Blue Cat

any company that has to ring round getting clients in my opinion, aren't worth a dime

macteepee

Ok, thanks for the replies...... So much information to look at to find genuine financial info! Can someone point me in the right direction to look at high interest savings accounts or similar? We're in Bahrain if that makes any difference and are not Brits but Aussies......
Basically looking at maximising our savings - hubby doesn't know enough about share market, but as I said earlier I normally do the research, and i have no idea where to start learning about it apart from that I read Money magazine occasionally, but I get lost in all the different advice!

Meow

I am guessing that the Harley Street addrss is just the UK registered office, possibly their accountant. I am an IFA (UK & UAE authorised) and I haven't heard of them. Others are right about many companies employing people just to make appointments.

Skandia is a mainly an investment company & do not offer any plans with a guaranteed 12% 'interest'. Sorry, but only a charlatan would make a statement like that

In the current environment there are no high interest savings accounts! You'd be lucky to get 6-7% anywhere.

If you have any questions feel free to PM me.

macteepee

Ok, thanks for that info Meow. I feel a bit stupid now I guess we'll stick with our current account while I learn about other investments and the sharemarket....

Meow

Plenty of sharks & cowboys around I'm afraid, especially as regulation in this part of the work barely exists. (I have neither fin nor hat!)


If you haven't already, you should have an offshore account for savings. I am not sure which banks have branches in Bahrain, but consider Lloyds TSB or HSBC.


Yell if you have queries

shiftdelete

Meow- always been curious...is that really you behind the mask?

What are the advantages of offshore banking - to save in Euros..., save in taxation..., confidentiality...?

Meow

It might be - all part of my mystery


If you live in a country where Sharia law applies, in most circumstances it is better to keep most assets offshore, as Sharia Law applies on death - even to expats. A will can help matters, but not 100%.

You can also bank offshore with companies with which you are familiar and confident. Most banks will give you the oprion to have accounts in several currencies so this can also be an advantage.