International financial planning in Cayman Islands provide good advice?

kimberlydennis

Hello, my cousin has contacted an international financial planning firm in the Cayman Islands for investment options. They have provided many options according to his plan. They also said that they will manage his portfolio in the future. He is convinced with them, but for the safer side, he wants some advice.

pramsay13

What could possibly go wrong?

eskbanker

kimberlydennis said:

Hello, my cousin has contacted an international financial planning firm in the Cayman Islands for investment options. They have provided many options according to his plan. They also said that they will manage his portfolio in the future. He is convinced with them, but for the safer side, he wants some advice.

He certainly does - "give your head a wobble" would seem a good place to start....

Thrugelmir

What business is it of yours?  I'm sure that he's capable of asking questions for himself. 

Gadfium

So your" cousin" was cold-called and now he's almost convinced that it's the path to riches. For a final check-and-balance he wants his cousin to ask a bunch of randoms on the Internet if it's a good idea?

Your cousin sounds like a weapons-grade numpty who should be allowed access to money or the Internet. However, can you please send me his details? I have a guaranteed investment scheme in magic beans that he absolutely must hear about...... A modest cash investment will guarantee him unbelievable returns.....

Albermarle

kimberlydennis said:

Hello, my cousin has contacted an international financial planning firm in the Cayman Islands for investment options. They have provided many options according to his plan. They also said that they will manage his portfolio in the future. He is convinced with them, but for the safer side, he wants some advice.

Tell him to go to his local high st and find the local IFA office . It might not look  as attractive as the Cayman Islands but is somewhat more regulated............

dunstonh

Hello, my cousin has contacted an international financial planning firm in the Cayman Islands for investment options.

Its worth noting that terminology in different countries means different things.  And standards differ.  The UK is highly regulated but some countries are closer to how the UK was in the 70s/80s than it is today.   Plus, if you don't use regulated advice in the UK, you don't benefit from UK consumer protection or compensation schemes.

They also said that they will manage his portfolio in the future. He is convinced with them, but for the safer side, he wants some advice.

Presumably, if we are not talking about a scam, then your cousin has multi-million pounds available and complex tax positions where sheltering funds in the caymen islands may be beneficial.   So, why on earth is he getting you to ask on an internet forum?

if he is not got multi-millions and has no complicated tax issues then why on earth is he looking to invest via the caymen islands?

Or is he being scammed?

Or is a completely bonkers and just wants to throw money away?  Has he even checked if the company is able to retail services in the UK? (i.e. the FCA register - if its not on there then they are doing so unlawfully).

colsten

ah, c'mon guys, don't be your typical MSE Forumite bore and dismiss everything that doesn't comply with the conservative UK standards. @kimberlydennis, please send us the contact information of the Cayman firm as they sound a great place for my £483,859 thanks

MX5huggy

Is your cousin in the cabinet? 

ratechaser

colsten said:

ah, c'mon guys, don't be your typical MSE Forumite bore and dismiss everything that doesn't comply with the conservative UK standards. @kimberlydennis, please send us the contact information of the Cayman firm as they sound a great place for my £483,859 thanks

Ah but how quickly can you get it out of all those regular savers 

Anyway, I'm sure it was a great pitch, they probably promised that the OPs cousin would never have to pay tax on that money again.

Or see it again for that matter...

IvanOpinion

Not sure that FSCS stretches as far as Cayman?