A FTSE250 Company Secretary writes...
We are planning to extend our International Sharesave Scheme into Australia. However our plan administrators are not able to provide a solution to hold monies on employee’s behalf there which needs to be held by an authorised deposit-taking institution (ADI). Our bankers are not showing any enthusiasm either to help out other than if we establish a trust. I am therefore wondering what solutions other companies have in place for Australia?
Finding savings carriers is getting harder and more expensive generally. We have had a long standing relationship with our bank HSBC who agreed to hold the money. May be worth a try but when we have asked in other countries we have had the reply that it will carry on with existing business but not accept new.
We have had to stop the plan in some countries as we can’t find saving carriers and in others have had to miss the odd year while we find banks that will do it.