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REVIEW SUMMARY

RL360 Oracle Offshore Bond

RL360 is based in the offshore financial stronghold of the Isle of Man, from where they do business in Asia, Africa, the Middle East, Latin America and the UK.

RL360 is part of International Financial Group Limited (IFGL).

IFGL provides investment, savings and protection solutions to international investors around the world and the group comprises RL360, RL360° Services, Ardan International and now also Friends Provident International.

IFGL has 210,000 policies, USD24 billion of assets under administration and 650 staff working for them.
Our Verdict
A Closer Look
FAQs
Customer Reviews

Oracle is a lump sum investment that RL360 claims can provide potential for growth over the long-term.

Oracle has no dealing and custody charges or cash accounts to worry about. It’s focused on individuals, companies and trustees with moderate amounts to invest, who want to start small but still reap the potential growth offered through a dedicated range of leading funds.

RL360's Oracle has a minimum investment amount of just USD 20,000, or its equivalent in seven currencies.

Key features of the Oracle:

  • 7 currencies available including Pound sterling (GBP), Euro (EUR), United States dollar (USD), Swiss franc (CHF), Australian dollar (AUD), Hong Kong dollar (HKD) and Japanese yen (JPY).
  • There are two versions of this product (which we will explore in more detail below). You can opt for a capital redemption version or a life assurance version. 
  • It allows you to select from more than 350 funds from leading fund managers, and you won't pay any initial fund charges.
  • There are no charges for changing funds, allowing you to switch between sectors and themes as frequently.
  • RL360 also allows you to access your plan at any time and take regular or one-off withdrawals.

The minimum amounts needed by RL360's Oracle (both versions) to commence a plan or to top-up an existing plan can be summarised below:

Currency 

 Initial payment Additional payment
GBP 20,000 2,500
EUR 24,000 3,000
CHF 26,000 3,250
USD 28,000 3,500
AUD 36,000 4,500
HKD 200,000 25,000
JPY 3,100,000 387,500

 

As stated above there are two versions of the Oracle:

  1. Capital redemption version
  2. Life assurance version

Here's a summary of what they entail:

Topic

Capital redemption 

 Life assurance 
     
Plan Your plan will be issued on a capital redemption basis. This means that once your chosen payment term is complete, your plan can remain invested until such times as you decide to take its value or it reaches its maturity date. Your plan will be issued on a life assurance basis. This means that your plan will be issued with up to six lives assured linked to it. In most cases, they are the same as the owners, but can be different if required.
     
Term The maturity date is set 99 years from the start date at which point your plan will come to an end and they will pay out 100% of your plan value plus GBP100.

If you die during the lifetime of your plan, it will not automatically come to an end. It will remain invested and continue to be treated in accordance with the terms and
conditions.		 Your plan will remain invested until such times as you decide to take its value, or the last life assured dies, at which point they will pay out 101% of its exit value and the plan will end.
     
Minimum age The minimum age you can take out a plan is 18. The minimum age you can take out a plan is 18.
     
Plan currencies  Pound sterling (GBP), Euro (EUR), United States dollar (USD), Swiss franc (CHF), Australian dollar (AUD), Hong Kong dollar (HKD) and Japanese yen (JPY). Pound sterling (GBP), Euro (EUR), United States dollar (USD), Swiss franc (CHF), Australian dollar (AUD), Hong Kong dollar (HKD) and Japanese yen (JPY).
     
Payment level Payments start from GBP20,000. There’s no maximum however, whatever amount you choose, it should be affordable to you. Payments start from GBP20,000. There’s no maximum however, whatever amount you choose, it should be affordable to you.
     
Establishment charge Payable during the first 5 years of your plan and ranges from 0.00% to 7.50% of the payment you make. Deducted from the plan each quarter. Payable during the first 5 years of your plan and ranges from 0.00% to 7.50% of the payment you make. Deducted from the plan each quarter.
     
Administration charge The administration charge is payable for the life of your plan and ranges from 0.60% per year to 1.20% per year, based on the higher of the current plan value or the payment made.

The charge is deducted from your plan each quarter.		 The administration charge is payable for the life of your plan and ranges from 0.60% per year to 1.20% per year, based on the higher of the current plan value or the payment made.

The charge is deducted from your plan each quarter.
     
Loyalty bonus A loyalty bonus of 0.50% of the plan value will be applied to your plan on the sixth anniversary and every year thereafter. A loyalty bonus of 0.50% of the plan value will be applied to your plan on the sixth anniversary and every year thereafter.
     

 

The minimum withdrawal amounts and the corresponding plan value required for it are the same for Oracle's capital redemption and life assurance version.

These withdrawal amounts can be summarised below:

Currency

 Minimum withdrawal Minimum plan value
GBP 250 12,500
EUR 300 15,000
CHF 325 16,250
USD 350 17,500
AUD 450 22,500
HKD 2,500 125,000
JPY 38,750 1,937,500

 

NOTE:

  • There is no flexibility in the early years without the risk of a penalty.
  • We would highly recommend reading the 'expert version' section of this review to learn why our team of experts gave RL360's Oracle only 1.5 out of 5 stars in this independent review, along with recommendations and tips.

Additionally, here's a free guide that can help you achieve better results. In this guide, you'll learn:

  • Academic evidence only shared with a select few firms across the world
  • A real-life example of why you should never try to outguess the market
  • Why a fund's past performance is not enough to predict future returns
  • Why you need to focus on what you can control and why this leads to a better investment experience
  • Why you should accept the markets for what they are
  • What can impact behaviour and make people seek instant gratification

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The Pros

> Widely available and portable
> Offers some tax protection in certain jurisdictions
> If kept running to the originally planned term, you may see some growth depending on the investments selected

The Cons

> Inflexible
> Risk of hidden commission
> The establishment fee makes this an expensive option
> If you do wish to make a withdrawal you must have a minimum plan value of £12,500 or the currency equivalent of 10% of the payments you have made to the plan
Who can apply for an RL360 Oracle?

Anyone aged 18 or over can apply for an Oracle policy provided they are not subject to any legislation which prohibits this type of investment.

The plan is also available to individuals on a single or joint ownership basis as well as companies and trustees.

Oracle can be issued as either a life assurance policy or as a capital redemption policy.

What's the difference between the life assurance and capital redemption options with RL360's Oracle?

Oracle can be issued on a life assurance or capital redemption basis.

1. Life assurance Oracle

On a life assurance basis, Oracle can be set up in one of two ways:

• Single life – There is only 1 life assured and when they die the policy comes to an end.

• Joint life last death – There can be up to 6 lives assured on the policy, and it comes to an end when the last life assured dies.

The youngest life assured cannot be older than 65 years of age when the policy is issued.

2. Capital redemption Oracle

On a capital redemption basis, Oracle has no lives assured linked to it.

It will remain in-force for a total of 99 years at which point it will mature and RL360 will pay out the surrender value plus GB100.

You cannot change the basis of your policy after it has been issued.

Who can enforce terms of the plan?

Only you or your personal representatives or assignees (including trustees where the plan
is held in trust) may enforce the terms of the plan.

What happens to the RL360 Oracle policy on death?

For life assurance policies (where the last life assured has died):

When the last life assured dies, your policy will end.

RL360 will then require written notification of death along with satisfactory documentation (legal entitlement - probate) to be sent to their head office address, before they can pay out.

The death benefit payable will be equal to 101% of the policy value.

For life assurance policies (where the policyholder has died, but lives assured remain):

Where the policy is held in the names of joint policyholders, sole ownership will pass to the surviving policyholder.

Where the policy is held by you only, ownership of the policy passes to the personal representatives of your estate.

For capital redemption policies:

Capital redemption policies will not automatically come to an end on the death of the policyholder(s).

Ownership can be determined by the personal representatives of your estate.

I have the life assurance version of RL360's Oracle - will I get a loyalty bonus?

RL360 will apply a loyalty bonus to your plan on the sixth anniversary of your plan start date, and yearly thereafter provided that your plan remains in-force.

The loyalty bonus will be paid as a percentage, specified by them from time to time, of the current value of the initial payment in the form of additional unit allocation.

They will also apply a loyalty bonus to your plan for any additional payments.

The loyalty bonus will be paid on the sixth
anniversary of the start date of your additional payment, and yearly thereafter provided that your additional payment remains in-force.

The loyalty bonus will be paid as a percentage, specified by them from time to time, of the current value of each additional payment in the form of additional unit
allocation.

What are the tax implications?

RL360 will not be responsible for any tax liability that may arise in connection with your plan as a result of your current (or any future)
country of residence, citizenship or as a result of any transactions that you may instruct them to carry out.

Was not advised when I took the plan

I was told that this was the most flexible solution for me. 

What I wasn't told was what the actual charges do to your money - and what they doubly do if you actually try and access your money.

Please beware of this plan!

Expert assessment of RL 360 Oracle Offshore Bond

Our view is that this product is expensive, inflexible and offers an unattractive range of investment funds.

In our view, this type of 'baby bond' is out of date.

If you already have the Oracle from RL360, and it is worth £500,000 or more, we strongly recommend you seek a Second Opinion to ensure you are on track to get and keep the life you want.

GET A SECOND OPINION

RL360 Oracle - Life Assurance Version Plan Terms and Conditions

RL360 Oracle - Life Assurance Version Product Guide

RL360 Oracle - Savings and Investment Fund Guide

RL360 Oracle - Capital Redemption Version Terms and Conditions

RL360 Oracle - Capital Redemption Version Product Guide

RL360 Oracle - Fund Performance Bulletin

RL360 Oracle - Plan Brochure

RL360 Oracle - Oracle Life Assurance Application Form

RL360 Oracle - Oracle Capital Redemption Application Form

RL360 Oracle - Bulk Switch Service Guide

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RISKS

Investments involve risks. The investment return and principal value of an investment may fluctuate so that an investment, when redeemed, may be worth more or less than the capital invested. Past performance is not a guarantee of future results. There is no guarantee strategies will be successful. For further information, please click here.

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