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Structured Settlements

A structured settlement is a financial or insurance arrangement, including periodic payments, that a claimant accepts to resolve a personal injury tort claim or to compromise a required periodic payment obligation. Structured settlements were first utilized in Canada and the United States during the 1970s as an alternative to lump sum settlements. Structured settlements are now part of the statutory tort law of several common law countries including: Australia, Canada, England and the United States.
Although some uniformity exists, each of the countries involved has its own definitions, rules and standards for structured settlement. Structured settlements may include income tax and spendthrift requirements as well as benefits. Structured settlement payments are sometimes called “periodic payments”. A structured settlement incorporated into a trial judgment is called a “periodic payment judgment”.

Financial arrangement
The definition of financial arrangement is wide and varies depending on where you use the term. It includes most debts, other than trade debts, and financial instruments such as forward and swap contracts. In the income year in which a financial arrangement matures, is sold or otherwise disposed of, the lender must undertake a "base price adjustment" calculation. One benefit of making the calculation in a financial arrangement is that if interest has been accrued and returned as income (under a yield to maturity or similar method), but is not actually received, an automatic deduction is allowed for the excess interest returned.

Financial arrangement means an arrangement described in any of subsections (2) to (4).
Money received for money provided

(2) A financial arrangement is an arrangement under which a person receives money in consideration for that person, or another person, providing money to any person—

(a) at a future time; or

(b) on the occurrence or non-occurrence of a future event, whether or not the event occurs because notice is given or not given.

Examples of money received for money provided

(3) Without limiting subsection (2), each of the following is a financial arrangement:

(a) a debt, including a debt that arises by law:

(b) a debt instrument:

(c) the deferral of the payment of some or all of the consideration for an absolute assignment of some or all of a person's rights under another financial arrangement or under an excepted financial arrangement:

(d) the deferral of the payment of some or all of the consideration for a legal defeasance releasing a person from some or all of their obligations under another financial arrangement or under an excepted financial arrangement.

Excepted financial arrangement ceasing to be excepted

(4) For sections EW 7 and EW 8,—

(a) an excepted financial arrangement that ceases to be an excepted financial arrangement through the operation of section EW 7 is a financial arrangement:

(b) an excepted financial arrangement that ceases to be an excepted financial arrangement for a party through the operation of section EW 8 is a financial arrangement for the party.

Defined in this Act: consideration, excepted financial arrangement, financial arrangement, legal defeasance, money,

Compare: 1994 No 164 ss EH 22, EH 24(2)

Subsection (3)(a) to (c) was amended, as from 21 December 2004, by section 270 Taxation (Venture Capital and Miscellaneous Provisions) Act 2004 (2004 No 111) by substituting "“:”" for "“; and”".

Subsection (4)(a) was amended, as from 21 December 2004, by section 270 Taxation (Venture Capital and Miscellaneous Provisions) Act 2004 (2004 No 111) by substituting "“:”" for "“; and”".

Insurance arrangement
An arrangement by which a company gives customers financial protection against loss or harm such as theft or illness in return for payment.

I. 111 a recent paper on the theory of demand for insurance
Arrow [I] has proved that the optimal policy for an insurance buyer
is one which gives complete coverage, beyond a fixed deductible.
The result is proved under very general assumptions, but its content
can be illustrated by the following simple example.
Assume that a person is exposed to a risk which can cause him a
loss x, represented by a stochastic variable with the distribution
F(x). Assume further that he by paying the premium P(y) can
obtain an insurance contract which will guarantee him a compensation
y(x), if his loss amounts to x. The problem of our person is to
find the optimal insurance contract, i.e. the optimal function y(x),
when the price is given by the functional P(y).
2. In order to give an operational formulation to the problem we
have outlined, we shah assume that the person's attitude to risk can
be represented by a Bernoulli utility function u(x), and we shall
write S for his "initial wealth". His problem will then be to maximize
u(S -- P(y) -- x + y(x) ) dF(x),
when the functional P(y) is given, and y(x) ? Y. The set Y can be
interpreted as the set of insurance policies available in the market.
It is natural to assume that o < y(x) < x, but beyond this there is
no need for assuming additional restrictions on the set Y.
Arrow makes the assumption that
P(y) = (I + ~) S y(x) dE(x) (I)
i.e. that the premium is proportional to the net premium, with a
loading X. With this assumption he proves that the optimal policy
is of the form
y(x) = o forx <M
y(x) = x-- M forx>M
The problem of determining the optimal insurance contract is
then reduced to finding the optimal deductible M, i.e. to the
max {,f u(S -- P -- x) dF(x) + u(S -- P -- M) f dF(x)}
O< M o ,u
subject to
P = (I + X) ~ (x -- M) dF(x) (2)
3. Writing
U= S u(S-- P-- x) dF(x) + u(S-- P-- M) f dF(x)
0 11!
u'(S--P--x) dF(x)-
we obtain
dU _ dP j"
dM dM J
-- I + ~ u'(S--P--M){I--F(M)}
From (2) it follows that
-- (I + X) {I --F(M)}.
Hence we obtain the following equation for the determination
of the optimal deductible M:
(I + X) I u '(S--P -- x)dF(x) = { (I + X) F(M) -- X} u '(S -- P -- M).
From this equation we can prove that the optimal M will increase
x~dth the loading X, provided that u"(x)< o. This result is a
special case of Arrow's Theorem 6, and it means that as insurance
becomes more expensive, the consumer buys less of it.
4. It should be easy to recognize Arrow's results as generalizations
of results familiar from the theory of reinsurance. Several authors
have shown, i.a. in [23, [6] and [7], that a stop loss treaty is the
optimal reinsurance arrangement, from the ceding company's point
of view. These authors have proved their result under more restrictive
assumptions than Arrow, but it is clearly equivalent to his.
When a private person buys full insurance with a deductible, he
does in reality conclude a stop loss contract.
A reinsurance treaty is generally a contract negociated on equal
terms between two insurance companies. It is not usual that the
reinsurer states his price-system, for instance in the form of condition
(z), and then lets the ceding company select the function y(x)
which it considers as most advantageous. This means that it makes
little sense to study arrangements which are optimal for only one
of the parties to the negociations. Both parties have to be considered
and this has been pointed out in several papers, i.a. in [4] and [8].
5- The considerations above suggest that the situation could be
formulated as a problem in game theory. Assume that the claim
distribution F(x) of the ceding company is given. The game would
then be played in two moves:
(i) The reinsurer selects a mapping P(y) from the set of functions
y(x), such that {y(x) ] o < y(x) < x} to the real line. P(y) will
be the premium he demands for a contract obliging him to pay
an amount y(x), if claims against the ceding company amount
to x.
(ii) The ceding company selects a function y(x).
This problem may have some mathematical interest, but its
relevance to reinsurance in real life seems doubtful. There is little
evidence that insurance companies behave in this way during
reinsurance negociations. The game-theoretical formulation outlined
may, however, be appropriate in direct insurance.
6. Arrow's results indicate that much of the insurance currently
sold may be sub-optimal from the consumer's point of view. This
would, for instance, apply to all kinds of liability policies, which
place an upper limit on the company's obligations. Such policies
may give the insured inadequate protection if extremely unlikely
catastrophic events should occur. In most cases there is no reason
why the company should not provide full cover, but it seems
natural that the company should be unwilling to provide such
catastrophe cover against an infinitesimal net premium with a
" normal" proportional loading. Hence it appaers that assumption
(I) is the critical element behind Arrow's results.
It is easy to construct examples which show that an insurance
company cannot in general operate with premium rates as assumed
by (I).
We can, for instance, assume that there are some fixed costs c
associated with issuing and handling the insurance contract. With
a deductible M, the net premium is
tiff(M) = ~ (x-- M) dF(x)
The mininmm premium which the company can quote to customers
will then be
= + c = + t F(M)
Hence the loading will be
which must increase with the deductible M.
7. We can reach a similar result by a simple risk theory argument.
Assume that
P(M) = (i + X) P(M)
so that the company's expected profit from the contract is X/~M).
The variance of the profit is
V(M) = f (x -- M)~ dF(x) -- (I~(M)) 2
It is natural to require that
X2(/7(M)) 2 : k~V(M) (3)
This condition can be written
X z = k2{[S (x -- M) dF(x)] -~ S (x -- M) z dF(x) -- I}
With L'Hospital's rule it is easy to show that the first term on the
right-hand side goes to infinity with 3'/.
The condition (3) can be justified by an appeal to the Hattendorff
rule in classical risk theory. Assume that the company holds a large
number of insurance contracts, so that the claim distribution of its
portfolio is approximately normal. The probability of negative
profit (or of ruin) may then be considered as satisfactorily low if the
loading is at least equal to k times the standard deviation. If now
one person wants a larger deductible in order to reduce his premium,
the company must quote him a premium, so that (3) remains
8. Our two simple examples open some unpleasant perspectives.
Assume that an insurance company for some reason must increase
the loading on its premiums. If the company uses formula (i), i.e.
retains a proportional loading, this will induce the customers to
take higher deductibles. This will again force the company to
increase the loading--to cover costs, or to satisfy solvency requirements.
It is a sobering thought to ask if a process of this kind can
occur in real life, and if the process, once started, will ever stop
9. In the discussion above we have in a sense taken existing
institutions and current insurance practice as given. It may be
useful for a time to forget about these, and study general arrangements
for risk sharing, which can be considered optimal. We can
then ask ourself if there are institutional or other aspects which
make it impossible to make such arrangements in practice.
We shall consider a group of n persons, and assume:
(i) Person i is exposed to a risk which can cause him a loss, represented
by a stochastic variable x~.
(ii) The attitude to risk of person i can be represented by a utility
function us(x).
The most general insurance arrangement these persons can make
will be defined by a set of functions y,(xl . . . xn) (i = I, 2 . . . . n)
stating the loss which will be carried by person i if all losses are
given by the vector {xt ...xn}. An arrangement defined by a set
of y-functions which satisfies the following conditions, will be
Pareto optimal:
ktu~(-- yt(x)) = kju}(-- yj(x)) (4)
Here kl . . . kn are arbitrary positive constants,
n n
x=Z x~ and Z y~(x) =x.
This result was first proved in [31. More stream-lined proofs have
been given in a number of later publications, i.a. in [5].
:o. In real life we do not often find insurance arrangements
which meet the conditions of Pareto optimality, but there are cases
in which these conditions may be approximately satisfied.
(i) The mutual fire-insurance schemes which still can be found in
some rural communities, may come close to satisfying (4)-
(ii) Some large liability risks in business are currently insured by
mutual arrangements. Shipowners have formed their P & I
Clubs, and off shore oil operators have devised their own
insurance schemes, which may approximately satisfy (4).
It is, however, clear that such insurance arrangements made by
relatively small groups can be improved by cooperation with other
II. Arrow's results demonstrate that the normal risk-averse
person wants an insurance which places an upper limit on the loss
he can suffer, i.e. he wants an arrangement which satisfies a condition
of the form
P~ >_ y,(xl . . . x,~) (5)
With strict equality this becomes a conventional insurance
contract with premium P,. Condition (5) may satisfy (4) for some i,
provided that there are other persons which are willing to carry
unlimited liability. This argument indicates that an institution as
Lloyds of London is essential to bring about an optimal insurance
In practice most insurance is sold by companies with limited
liability. This means that condition (5) cannot be satisfied in an
absolute manner. There will always be a non-zero probability that
the insured may suffer a loss beyond the premium he has paid. The
task of the government supervision is to see that this probably is
sufficiently low, preferably infinitesimal. This is usually achieved
by requiring that the company must hold large reserves, and these
reserves must as a rule be obtained as equity capital.
12. The general picture emerging from these considerations consists
of two groups. One group seeks to get rid of risk by buying
insurance, the other group is willing to accept risk by holding shares
in insurance companies. The real problem should then be to find an
optimal arrangement for sharing the risks between the members of
these two groups.
[I] ARROW, K. J., "Optimal Insurance and Generalized Deductibles",
Skandinavian Actuarial Journal, 1974, pp. 1-42.
[2] BORCH, K., "An Attempt to Determine the Optimum Amount of Stop
Loss Reinsurance", Transactions of the z6th International Congress of
Actuaries, Vol. 2, pp. 579-61o.
[3] BORCH, K., "The Safety Loading of Reinsurance Premiums", Skandinavisk
Aktuarietidshrift, 196o, pp. 163-184.
[4] BORCH, K., "The Optimal Reinsurance Treaty", The ASTIN Bulletin,
Vol. 5, PP. 293-297.
[5] BOHLMANN, H., Mathematical Methods in Rish Theory, Springer Verlag,
197 ° .
[6] KAHN, P. M., "Some Remarks on a Recent Paper by Borch", The ASTIN
Bulletin, Vol. i, pp. 265-272.
[7] OHLIN, J., "On a Class of Measures of Dispersion with Application to
Optimal Reinsurance", The ASTIN Bulletin, Vol. 5, PP- 249-266.
[8] VAJDA, S., "Minimum Variance Reinsurance", The ASTIN Bulletin,
Vol. 2, pp. 257-26o.

Recent work on consumption allocations in village economies finds that idiosyncratic variation in consumption is systematically related to idiosyncratic variation in income, thus rejecting the hypothesis of full risk-pooling. We attempt to explain these observations by adding limited commitment as an impediment to risk-pooling. We provide a general dynamic model and completely characterise efficient informal insurance arrangements constrained by limited commitment, and test the model using data from three Indian villages. We find that the model can fully explain the dynamic response of consumption to income, but that it fails to explain the distribution of consumption across households.

Alternative insurance arrangements and the treatment of depression

Using insurance claims data from nine large self-insured employers offering 26 alternative health benefit plans, we examine empirically how the composition and utilization for the treatment of depression vary under alternative organizational forms of insurance (indemnity, preferred provider organization networks, and mental health carve-outs), and variations in patient cost-sharing (copayments for psychotherapy and for prescription drugs). Although total outpatient mental health and substance abuse expenditures per treated individual do not vary significantly across insurance forms, the depressed outpatient is more likely to receive anti-depressant drug medications is preferred provider organizations and carve-outs than when covered by indemnity insurance. Those individuals facing higher copayments for psychotherapy are more likely to receive anti-depressant drug medications. For those receiving treatment, increases in prescription drug copayments tend to increase the share of anti-depressant drug medication costs accounted for by the newest (and more costly) generation of drugs, the selective serotonin reuptake inhibitors.

Investor Initiated Life Insurance Arrangements
" Free" Life Insurance Might Not Be Such a Good Deal

A secondary life insurance market has been maturing in recent years, and that is a good deal for thousands of Americans who no longer need, or can no longer afford, the life insurance policies they purchased years ago. The emergence of the secondary market has created an alternative to surrendering policies for their cash value; a policy now can be sold to investors on the secondary market, sometimes for many multiples of the policy's cash value.

But some in the life insurance industry are using the existence of the secondary market as a pitch to sell more life insurance. And that is when buyers must beware: "free" life insurance is not always a good deal.

The typical customer for this "free" life insurance is 70 years or older and wealthy. The insurance agent presents what sounds like a risk-free, no-cost life insurance plan:

· The agent will sell and the customer will buy a new life insurance policy, typically with a death benefit of several million dollars. The customer will not pay any premiums on the policy. Instead, the agent already has arranged for a finance company to advance funds for the premiums.

· The policy would be owned by an irrevocable trust, and the customer's family members would be the beneficiaries of that trust. The financing company would lend funds to the trust, which the trustee would use to pay the insurance premiums. The financing company might also capitalize the interest on that loan so that the customer would have to pay little or nothing with respect to the policy in the first couple of years. That loan would have to be repaid in 2 to 5 years.

· If the customer passes away during the initial loan term, the irrevocable trust would collect the life insurance proceeds, repay the loan, and distribute the remaining insurance proceeds to the trust beneficiaries (the customer's family members). If, on the other hand, the customer survives for at least two years after the policy is issued, then the trust could sell the policy on the secondary market, repay the loan, and distribute the remaining sales proceeds to the trust beneficiaries (the customer's family members). In either case, the agent says, the customer's family gets a windfall.

Proposals such as this – there are many variations of this basic arrangement – are known in the industry as "investor initiated life insurance," "investor owned life insurance," or "stranger owned life insurance." These arrangements are not necessarily illegal, but they are risky, and the customer bears all of the risk. Consider, for instance:
1. Not all policies can be sold on the secondary market. The buyers of life insurance policies (these typically are big investment companies) are seeking to earn a good return on their investment, so they look for policies that will require little investment and a not-too-distant payoff. That is, they look for policies on the lives of unhealthy people. A healthy insured might find that investors are not interested in buying the policy on her life. In that case, the following options would be available:
· the customer could keep the policy, using her own money to repay the loan and accumulated interest and to pay future premiums; or
· the customer could try to refinance the loan with the same or a different finance company.
2. The insurance company potentially could void the policy after it is issued, based on a theory of fraud or lack of insurable interest. Every state's laws limit the issuance of life insurance policies to those who expect an economic benefit from the continued life of the insured. The purpose of these "insurable interest" laws is to prevent the purchase of life insurance policies for mere economic speculation, wherein one might benefit from the early death, rather than the continued life, of the insured. If a new life insurance policy is issued, and then sold on the secondary market a few years later, the insurance company might have an argument that the policy should be voided because it was acquired for the purpose of later selling it to someone with no insurable interest in the insured's life.
3. The customer must have some economic risk. Some of the early investor initiated life insurance arrangements used 100% non-recourse loans. In those cases, the customer had nothing to lose if the policy could not be refinanced or sold on the secondary market or if the insurance company voided the policy. Those arrangements primarily benefited of the investor and insurance agent, and only incidentally benefited the customer or his family. For that reason, insurance companies now require that the customer (or someone with an insurable interest in the customer) have some economic risk. That usually is done either by posting collateral equal to 25% of the premium loans and accumulated interest, or by giving a limited personal guaranty for the same amount. Thus, if the policy cannot be refinanced or sold on the secondary market, or if the insurance company voids the policy, then the customer stands to lose his collateral or become liable on the personal guaranty.
4. The customer bears most of the risk. The insurance agent involved in the transaction is sure to make his commission when the policy is sold. The premium financing company is sure to make its profit on the interest (usually 12-15%) that it charges. The customer is the only one without a guaranteed payout, and he or she bears the risk of loss if the policy cannot be sold on the secondary market or refinanced after a couple of years.
5. These arrangements are document intensive. Investor initiated life insurance arrangements often involve up to 25 separate legal documents. The customer either would incur a significant cost in having a lawyer review and comment on those documents, or incur a substantial risk by signing the documents without fully understanding them. Since the documents are drafted by the finance company's attorney, they likely will be very favorable to the finance company.
6. The customer might not be able to get more life insurance in the future. The amount of insurance that can be issued on a person's life is limited. If a new policy is issued on through an investor initiated life insurance arrangement, and later sold on the secondary market, the customer might not be able to get additional life insurance in the future if the need arises.
7. The purchaser of the policy would have access to the customer's medical records. If a person sells her life insurance policy on a secondary market, she would have to agree that the purchaser (including any subsequent purchaser if the policy is resold) would have access to her medical records for the rest of her lifetime.
8. Someone else might control the sale of the policy. Many investor initiated life insurance arrangements incorporate Minnesota law in an effort to take advantage of Minnesota's liberal insurable interest and lending rules. For that reason, the life insurance policies often are held in irrevocable trusts with a Minnesota bank as trustee. The Minnesota trustee, and not the customer or the customer's family, could have ultimate control over whether the policy is sold, when, to whom, and for how much.
9. The law might change. Life insurance companies have good reasons to dislike investor initiated life insurance arrangements. First, policies that are sold on the secondary market are less likely to lapse, and that may have an adverse effect on the profitability of insurance companies. Second, life insurance traditionally has been used to provide for an insured's family or business partners (those who are economically dependent upon the insured and who have an interest in the insured's continued life). For these reasons, life insurance generally enjoys favorable tax treatment under the Internal Revenue Code. If life insurance is used as an investment vehicle, much like stocks and bonds, then Congress might be inclined at some point to eliminate the favorable income tax treatment currently available for insurance products.

Also, the National Association of Insurance Commissioners is continuing to study the life insurance secondary market, and in particular investor initiated life insurance, spurred by well-publicized abusive practices. The Financial Industry Regulatory Authority (FINRA), formerly known as the National Association of Securities Dealers (NASD), considers life settlements (the sale of life insurance policies on the secondary market) with respect to variable life insurance policies to be securities, and thus subject to suitability analysis and a host of state and federal securities laws. The National Conference of Insurance Legislators (NCOIL) has drafted a proposed model act to regulate life settlements and the Indiana General Assembly is considering legislation to make the sale of investor initiated life insurance a fraudulent act. Thus, it would not be surprising if the industry or government tightens the rules in an effort to bring some order to the life settlements industry, particularly investor initiated life insurance arrangements.

The internet is rife with reports of people who have profited through investor initiated life insurance arrangements. But those reports almost all originate with promoters of these arrangements. Though less publicized, many reputable life insurance agents have attempted to assist clients whose investor initiated policies could not be refinanced or sold at a price sufficient to repay the initial premium loans. Those agents would say that investor initiated life insurance arrangements can carry meaningful risks to the customer and his family

Financial collateral arrangements
The Financial collateral arrangements introduce a Community framework to reduce credit exposure in financial collateral arrangements. These common rules contribute to the effectiveness and integration of European financial markets, reducing credit losses and thereby stimulating cross-border transactions and competitiveness.

New regulations have just come into force which impact on the creation and enforcement of security rights over cash, shares and other securities.

The Financial Collateral Arrangements (No. 2) Regulations 2003 (the "Regulations") (which implement the European Directive (2002/47/EC) (the "Directive") on financial collateral arrangements) aim to create a more efficient and effective financial market by making financial collateral arrangements easier to create and enforce. They came into force on 26 December 2003.

To what do the Regulations of Financial collateral arrangements apply?

They apply to financial collateral arrangements made between two persons (other than individuals). The term "financial collateral" means cash or financial instruments (e.g. shares, bonds, securities). It does not include forms of security over book debts (receivables) or rent payments. The Regulations cover:

1. Title transfers (including repurchase agreements (REPO agreements)) where ownership of the collateral passes to the collateral taker, on terms that it or equivalent assets will be transferred back when the obligations are discharged.

2. Security arrangements where the collateral taker obtains a security interest in the collateral, coupled with physical possession or control, but does not become the owner.

In practice, therefore, the Regulations will apply to security taken over cash, shares, bonds or gilts (and any combination thereof).

Given that a key element in these arrangements is that either (i) ownership or (ii) possession or control is transferred to the collateral taker, the Regulations will only apply to collateral secured by floating charges on crystallisation where the requisite amount of possession or control is exercised by the collateral taker.

The regulations do not state whether they apply to financial collateral arrangements entered into before 26 December 2003. By their silence, it may be that they do catch such arrangements in existence at that date.

Key provisions of the Regulations

Where the Regulations of Financial collateral arrangements apply, the provisions:

* Remove the restrictions on enforcing security in insolvency situations. For example, where a company is in administration, the collateral taker retains the exclusive right to deal with his security including floating charge security (where the floating charge over the collateral has crystallised and the collateral taker has sufficient control over it).

* Take security out of the anti-avoidance provisions of the Insolvency Act 1986 ("IA") where necessary, to give effect to the Directive; this provides that a collateral financial arrangement may not be declared invalid or reversed solely on account of it coming into existence in a prescribed period prior to insolvency. In addition, the collateral taker is not affected by the provisions of section 127 IA which render dispositions of property after presentation of a winding up petition void, unless validated and section 245 IA (avoidance of certain floating charges) is also disapplied.

* Specifically enable close out netting agreements to take effect in accordance with their terms, in the contractual currencies, notwithstanding that the collateral–provider or collateral-taker is subject to winding up or reorganisation procedures as defined in the Regulations.

* Remove many of the formalities required to create valid financial collateral arrangements such as the need to register a charge under section 395 Companies Act 1985 or the need for a document to comply with formal requirements other than to be evidenced in writing.

* Provide that various matters in relation to collateral over book entry securities are governed by the law of the country in which the relevant book entry account is maintained.

Practical implications

The Regulations will be relevant primarily to corporates and financial institutions.

For the creditor, the benefits should be an increased certainty of payment through the ability to retain or realise collateral. For the debtor, the benefit may be a reduction in transaction costs through cheaper pricing as a result of the reduced risk where financial collateral is taken.

In principle, financial collateral arrangements should be simpler and easier to create, but whether institutions will abandon the habits of a lifetime and rely on the relaxation of certain procedural requirements in the Regulations, or continue to require the execution and registration of documents as they always have, remains to be seen.

Integrated financial arrangements
Integrated Financial Arrangements offer wealth management services to financial advisers and intermediary groups. Some flagship products provide access to a range of stock market related assets such as unit trusts, investment trusts, and equities.

About company Integrated Financial Arrangements plc
Integrated Financial Arrangements plc offers wealth management services to financial advisers and intermediary groups. Its flagship product, Transact, is a ready-made wealth management service. Transact provides access to a range of stock market related assets such as unit trusts, investment trusts, and equities. Integrated Financial Arrangements plc was incorporated in 1999 and is based in London, United Kingdom. The company operates as a subsidiary of Objectmastery Development Pty Ltd.

About Company Transact
Introducing the UK's first Integrated Portfolio Service
Although Transact is the UK's first Integrated Portfolio Service, the concept of providing private investors with a centralised and complete personal portfolio has a long-established and successful history around the world. The original idea can be traced back to the development of "wrap accounts" in the USA in the 1970s. In the 1980s a further step forward was taken in Australia with the introduction of "master trusts". Master Trusts now account for some £50 billion of investments and pensions from many thousands of private investors - and have recently also flourished in South Africa and New Zealand. Integrated Financial Arrangements plc was established in the UK in 1999. They have drawn upon the resources and experience of their parent company, ObjectMastery Development Pty Ltd, one of the leading providers of master trust systems in Australia, to introduce Transact - the UK's first Integrated Portfolio Service.

Why use Transact Company for Integrated financial arrangements?
Because Transact gives you control
Opening a Transact Portfolio makes it possible for you and your adviser to construct a cost-efficient, consolidated investment portfolio that gives you the ability to take control of your investments.

Because Transact Company gives you clarity
With Transact you get a clear view of your whole investment position. No longer are you required to think in terms of individual "products" or "plans" - instead you have a holistic picture of your current financial situation and its likely future. This will change forever the way you view your portfolio.

Because Transact Company gives you choice
Your Transact Portfolio gives you a choice of investments from stocks on the London Stock Exchange and funds managed by a wide variety of different fund managers.

Because Transact Company gives you completeness
When combined with financial planning advice from your adviser, Transact's unique "one-stop-shop" is the only investment service you will need. You will be able to set up and manage your own portfolio of investments and take advantage of the tax benefits of ISAs, PEPs and Personal Pensions (with insurance facilities to be added soon).

Because Transact Company gives you service
As you only ever have to deal through Transact, all the information you need is in one place and, because they provide a service rather than sell "products", it is in a format designed for your benefit rather than theirs.

Because Transact Company gives you value for money
Your Transact Portfolio is priced to make possible the economical management of a complete portfolio over the longer term. Instead of the differences between charges commonly found elsewhere, Transact dealing charges are broadly standardised across all Facilities and investment types. Most of the cost of carrying out transactions is reflected in the annual commission, so that ongoing buying costs do not inhibit prudent and appropriate revisions to your Portfolio. Transact thus provides value for money when you are making changes to the investments in your Portfolio.

The cost of administration is charged separately from dealing commissions and, by using computerised processes, these charges are kept low.

In short, a Transact Portfolio will give you a single integrated solution to meet your investment and financial planning needs.

Integrated Financial Arrangements plc - Authorised and regulated by the Financial Services Authority

Structured Settlements Tags:
Structured settlement, financial arrangement, insurance arrangement, financial collateral arrangements, insurance arrangements, financial arrangements, integrated financial arrangements

Article by Svetlana Lozovenko
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