BusinessCompany NewsEntrepreneurs look offshore in ‘mad state of panic’

Entrepreneurs look offshore in ‘mad state of panic’

The lack of bank deposit guarantee is driving some entrepreneurs to look offshore

Concerns about the safety of deposit accounts to the millions held in
self-invested personal pension plans or in insurance-based accounts in companies
such as AIG, have driven some entrepreneurs to look offshore in a ‘mad state of
panic’.

‘They want to know if there are any other banks in danger of going under and
where they should move their money. It’s easy to say ‘keep calm’ but there are a
lot of worried people out there,’ one adviser told The Daily
Telegraph
.

Many entrepreneurs have been tempted by the Irish government’s decision to
protect all bank deposits as the British ceiling of £50,000 holds little
attraction for the ‘heavy hitters’, according to the adviser.

‘We have seen quite a few of our perfectly normally level-headed clients
suddenly starting to get more stressed. It’s taken us by surprise, but the vast
majority are just looking for enlightenment,’ Peter O’Sullivan, head of
financial services at Tenon, said.

Further reading:

Read
The Daily Telegraph story

Related Articles

BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

3m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

7m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

7m Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

10m Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

10m Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

10m Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

10m Emma Smith, Managing Editor
Mazars strengthens audit team with partner appointment

Accounting Firms Mazars strengthens audit team with partner appointment

10m Emma Smith, Managing Editor