As part of our ongoing modernisation activity, we've reviewed our product suite and made some improvements to the products offered by CLI Institutional Limited (CLII).
The most notable change is the expansion of investment options available through the Prestige Account, which gives customers greater flexibility and choice in how they manage their investments.
The options available before improvements
Historically, CLII offered two products: Elite and Prestige Accounts.
- With the Elite Account, policyholders needed to nominate a Discretionary Fund Manager (DFM) or a fund adviser to manage investments on external platforms linked to the account.
- With Prestige Accounts, policyholders could make their own investment choices or nominate a fund adviser to manage investment options linked to the account. Prestige Account holders could also access collective investment schemes or CLII internal life funds, with custody remaining with CLII.
Expanded investment options for the Prestige Account
The Prestige Account now offers customers the flexibility to:
- Nominate a fund adviser to manage investments on external platforms.
- Nominate a Discretionary Fund Manager (DFM) to manage investments.
- Access collective investment schemes and cash deposits, through CLII dealing desk.
- Access CLII internal life funds, through CLII dealing desk.
All these choices are now available within the Prestige Account, removing the need for two separate products.
What’s changed?
The Prestige Account now allows customers to choose any of the above options, making the product more flexible and easier to understand. As a result, new applications for Elite Accounts will no longer be accepted, although additional contributions can still be made to existing policies.
We believe these changes deliver good customer outcomes. The Prestige Account continues to offer good value for money, with enhanced flexibility and simplicity.
For further details about the newly enhanced Prestige Account, please refer to the key features document and policy provisions, which can be found here.