Setting aside budgets to spend with smaller firms can help them to get through a difficult economic climate due to the Covid-19 outbreak. Getty Images
Setting aside budgets to spend with smaller firms can help them to get through a difficult economic climate due to the Covid-19 outbreak. Getty Images
Setting aside budgets to spend with smaller firms can help them to get through a difficult economic climate due to the Covid-19 outbreak. Getty Images
Setting aside budgets to spend with smaller firms can help them to get through a difficult economic climate due to the Covid-19 outbreak. Getty Images

Fixed-term investment plans are failing UAE customers, says Friends Provident


Alice Haine
  • English
  • Arabic

One of the biggest providers of expensive fixed-term investment plans, the cause of a high number of complaints from UAE customers, has admitted that the products are not good enough.

Philip Cernik, Friends Provident International’s chief marketing officer, said that the life industry “could do better”.

He acknowledged the rise in complaints to the UAE Insurance Authority about life companies and the financial advisers that market the investment products, from customers frustrated by poor performance and very high costs.

"There is no room for 'one size fits all' customer solutions today … If expats like to save for less than five years, why are there so few alternatives in the market that reflect this?" Mr Cernik said in a column penned exclusively for The National.

FPI, owned by Aviva, is one the leading providers of fixed-term products in the UAE and other markets in the Middle East and Asia. The plans promise good returns but also come with high costs that include upfront commission fees and charges.

To offer investors better protection, the IA confirmed in April that it was pushing ahead with tough new regulations to transform the way savings, investment and life insurance products are sold in the UAE. Among the proposals were plans to impose maximum limits on the upfront commission advisers can earn from life companies. Advisers will also have to clearly illustrate all fees and charges for which the client is liable.

Mr Cernik said FPI has been working to raise the professional standards of advisers in the UAE, launching an Adviser Academy in 2015.

"If customers are wary of advisers, isn't it necessary for advisers to raise their professional standards?" Mr Cernik asked.

To date 200 UAE-based advisers have passed through the Academy and FPI said this will help brokerages adjust their business models “to make them fit for purpose” when the new IA regulations are introduced – something experts expect to happen in the third quarter of this year.

However, Sam Instone, chief executive of the fee-based financial advisory company AES International, said FPI’s proposals to transform its offering will not have an effect because “the system is broken”.

“It’s too little, too late,” he said. “They are trying to reinvent themselves – but they can’t. In reality, investment-based insurance is expensive and opaque and ultimately doesn’t work because the funds available via life insurance companies themselves don’t work.”

ahaine@thenational.ae

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Safety 'top priority' for rival hyperloop company

The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.

He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.

“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.

“Only once the system has been certified and approved will it move people,” he said.

HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon. 

With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.

Company profile

Name: Thndr

Started: October 2020

Founders: Ahmad Hammouda and Seif Amr

Based: Cairo, Egypt

Sector: FinTech

Initial investment: pre-seed of $800,000

Funding stage: series A; $20 million

Investors: Tiger Global, Beco Capital, Prosus Ventures, Y Combinator, Global Ventures, Abdul Latif Jameel, Endure Capital, 4DX Ventures, Plus VC,  Rabacap and MSA Capital

MATCH INFO

Syria v Australia
2018 World Cup qualifying: Asia fourth round play-off first leg
Venue: Hang Jebat Stadium (Malacca, Malayisa)
Kick-off: Thursday, 4.30pm (UAE)
Watch: beIN Sports HD

* Second leg in Australia scheduled for October 10

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

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Available: Now

Emergency phone numbers in the UAE

Estijaba – 8001717 –  number to call to request coronavirus testing

Ministry of Health and Prevention – 80011111

Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre

Emirates airline – 600555555

Etihad Airways – 600555666

Ambulance – 998

Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries

MOUNTAINHEAD REVIEW

Starring: Ramy Youssef, Steve Carell, Jason Schwartzman

Director: Jesse Armstrong

Rating: 3.5/5

UAE currency: the story behind the money in your pockets
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Key facilities
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Transmission: seven-speed PDK dual clutch automatic

Power: 375bhp

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THE SPECS

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Transmission: Seven-speed auto

Power: 165hp

Torque: 241Nm

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UK-EU trade at a glance

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Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

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The five pillars of Islam

1. Fasting

2. Prayer

3. Hajj

4. Shahada

5. Zakat 

Most sought after workplace benefits in the UAE
  • Flexible work arrangements
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  • Insurance coverage for optical, dental, alternative medicine, cancer screening
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Company name: Big Farm Brothers

Started: September 2020

Founders: Vishal Mahajan and Navneet Kaur

Based: Dubai Investment Park 1

Industry: food and agriculture

Initial investment: $205,000

Current staff: eight to 10

Future plan: to expand to other GCC markets

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Transmission: 10-speed auto

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Three stars

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Director: Sree Narayan Singh
Cast: Shahid Kapoor, Shraddha Kapoor, Divyenndu Sharma, Yami Gautam
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Directed by: Gail Mancuso

Starring: Dennis Quaid, Josh Gad, Marg Helgenberger, Betty Gilpin, Kathryn Prescott

3 out of 5 stars

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THE SPECS

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Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
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Engine: 2.0-litre 4cyl turbo

Power: 248hp at 5,200rpm

Torque: 400Nm at 1,750-4,000rpm

Transmission: 8-speed auto

Fuel consumption: 9.1L/100km

On sale: Now

Price: From Dh149,900

The years Ramadan fell in May

1987

1954

1921

1888

Directed: Smeep Kang
Produced: Soham Rockstar Entertainment; SKE Production
Cast: Rishi Kapoor, Jimmy Sheirgill, Sunny Singh, Omkar Kapoor, Rajesh Sharma
Rating: Two out of five stars 

THE SPECS

      

 

Engine: 1.5-litre

 

Transmission: 6-speed automatic

 

Power: 110 horsepower 

 

Torque: 147Nm 

 

Price: From Dh59,700 

 

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The low down on MPS

What is myofascial pain syndrome?

Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (­connective tissue that covers the muscles, which develops knots, also known as trigger points).

What are trigger points?

Trigger points are irritable knots in the soft ­tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and ­sustained posture are the main culprits in developing ­trigger points.

What is myofascial or trigger-point release?

Releasing these nodules requires a hands-on technique that involves applying gentle ­sustained pressure to release muscular shortness and tightness. This eliminates restrictions in ­connective tissue in orderto restore motion and alleviate pain. ­Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.

Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes

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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D 
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India