Offshore banking investment 'blazed a trail'

Offshore banking investment was one of the frontrunners in supporting cross-border financial products, according to an industry body.

Improved choice and value for money are among the advantages of international finance options such as offshore banking investment, argues chief executive of the Investment Management Association Richard Saunders.

These financial groups helped to ’[blaze] the trail’ for the benefit of continental customers, he states, urging the European Commission (EC) to continue to support development in this area.

His comments come after the publication of an EC Green Paper on supplementary pensions in the single market.

Calling it a ’timely initiative’, he urged the body to seize the opportunity to support the free operation of collective investment schemes in all member states.

The consultation report aimed to foster debate on sustainable pensions systems in the face of an ageing population.

One of its objectives was to remove obstacles to international employment within the European Union, with a particular focus on facilitating the internal market for retirement products.ADNFCR-2318-ID-19880050-ADNFCR