Company Announcements

Latest News

Q4/2021 – James Huey, Executive Chairman

 Futureproof opens new office in Channel Islands

 
Futureproof Chairman, James Huey, announced the opening of a new Channel Islands office in Guernsey from October 2021.
 
Located at the Polygon Tech Hub at St Peter Port, this Futureproof office will house our Channel Islands team headed by local directors Dennis Stoller, Dominique Carpentier and Stuart Place, supported by visiting resources from London.
 

This is an important strategic move for Futureproof supporting its longer-term plans to re-domicile the Group from Hong Kong to the Channel Islands which offer a robust and stable regulatory environment, supportive of the activities of global businesses.

Latest News

Q4/2021 – States of Guernsey Government

 Guernsey Financial Services Commission approves Futureproof

On 1 November 2021, The Guernsey Financial Services Commission approved the incorporation of the Futureproof ICC Limited, which is set to become the new principal operating company of the Group.
 
This is the first fintech/insurtech company (and only the third technology company) to receive Government consent to use an Incorporated Cell Structure, which are normally reserved for regulated financial activities (such as insurance, reinsurance and funds management), following recent amendments to The Companies (Guernsey) Law, 2008.
 
These are important legislative changes reflecting the new focus of the States of Guernsey Government to attract technology companies.
 
Collas Crill (Lawyers) advise Futureproof in relation to local compliance and corporate matters.
 

Current News

Q3/2021 – Ernst & Young

 2021 Australian Insurtech EcoSystem Map

 
Ernst & Young today released their 2021 Australian Insurtech EcoSystem Map.
 
The latest map features, for the first time, Futureproof.

 

EY reports that this 4th Edition of the EcoSystem Map shows a 52% increase in the number of Australian Insurtech’s since 2020.

Futureproof joins a select group of just 18 Insurtechs focused product innovation to deliver better Customer value.

 

 

 

Current News

Q3/2021 – Your Life Choices

 Older Australians Insights Survey 2021

 

Leading digital media and retirement portal for older Australians, Your Life Choices today released their annual Older Australians Insights Survey.

This important survey provides a snapshot of the serious retirement funding shortfall  facing most Seniors.

72% own their home outright. However, the Survey highlights the dilemma Retirees face having so few financial product options. Your Life Choices reports that 58% are not considering downsizing their home (plus another 23% are unsure) yet, at the same time, 57% respond that their savings will not provide an income for life.

 

Current News

Q3/2021 – John De Ravin, Senior Actuary

Optimal Draw Down Rate in Retirement

 

Futureproof Advisory Board Member and  Senior Actuary, John De Ravin, together with colleagues Estelle Liu, Rein van Rooyen, Paul Scully and Shang Wu, look into what is the optimal account-based pension draw down rate in retirement.This important work develops new drawdown rules that yield improved total lifetime utility of consumption for Retirees.

 
Their new useful rule of thumb for single Retirees is to “Spend Your Decennial Age“.
This simply means, in your 60s draw down 6% of the beginning-of-year your account-based pension balance.  In your 70s draw down 7% and in your 80s draw down 8%.
In Australia, once you hit 85  the statutory minimum drawdown rates apply.

Recent News

Q1/2021 – Insurtech Australia

 Voice of Australian Insurtech features Futureproof

Insurtech Australia today featured Futureproof in its May 2021 Newsletter. 

Insurtech Australia is the leading industry body fostering a diverse community of insurance innovation and collaboration by bringing together insurtechs, insurance practitioners, entrepreneurs, technologists, innovators, and industry stakeholders across Australia.

Our new type of equity release mortgage – the Equity Preservation Mortgage™ is due for Australian release in 2022.

 

 

 

 

 

 

 

 

 

 

Recent News

Q2/2021 – Innovate | Finance UK

Voice of Global Fintech features Futureproof

Innovate | Finance is the independent industry body that represents and advances the global FinTech community in the UK.

Innovate | Finance UK today featured Futureproof in their Shining a Spotlight On Series –  a platform recognized as showcasing the brightest and best in UK FinTech.

Innovate | Finance plays UK’s leading role in the financial services sector by directly supporting the next generation of technology-led innovators.

The support of industry bodies such as Innovate | Finance that bring fintechs, financial institutions, regulators and governments together is an important part of Futureproof’s market launch in UK and Australia – the most highly regulated financial markets in the world.

The UK launch of our Equity Preservation Mortgage™ – a new form of equity release – is planned for late 2022 with Futureproof now inviting participation from an initial group of leading UK  financial institutions as Product Issuers.

 

Recent News

Q3/2021 – Fintech Australia

Voice of Australian Fintech features Futureproof

Futureproof and its breakthrough equity release mortgage – the Equity Preservation Mortgage™ – was today featured by Fintech Australia in its weekly Five Fintechs, a series profiling the best of the Australian fintech community.

As the leading representative body for Australia’s fintech industry, Fintech Australia brings together all parts and players in the financial technology ecosystem.  Most important is its work with government and industry to develop new approaches to help accelerate innovation while ensuring a secure and stable financial system.

These objectives and values directly align with Futureproof’s design & development criteria – that no financial or product innovation should introduce any incremental or new systemic risks into the financial system that are not already being risk managed, underwritten and insured in the market today.

The Australian launch of our Equity Preservation Mortgage™  is planned for mid 2022 with Futureproof currently in discussions with an initial group of leading financial institutions in Australia as Product Issuers.

Past News

Q4/2020 – Royal Commission into Aged Care 

 Futureproof Submission

 

 

The response of Australia’s financial institutions to the Royal Commission has been under-whelming. 

Traditional banks & insurers need to decide whether to be part of the solution or continue to be part of the problem – because the team at Futureproof will continue to drive change for the better.

  Read more about fintech and insuretech innovation bringing whole-of-life funding solutions and breakthrough financial products for each life-stage of retirement & aged care, in our Submission to the Royal Commission into Aged Care.

A response from Government is expected after the May 2021 Federal Budget and ahead of the next Federal election due on or before 21 May 2022. 

 

 

Past News

Q1/2021 – Media Release – Aged Care Royal Commission

 New AUD $2.5M Trillion Capital Pool

Futureproof today issued a Media Release to the financial press in its Australian R&D test market. 

With an average mortgage loan size of AUD$880,000, our Equity Preservation Mortgage™ – an innovative new type of equity release mortgage – is identified as the only financial instrument in the world capable of responsibly unlocking substantial home equity. 

Through conversion to home capital, a new asset class is created to make available, for the first time, the $2.5 trillion capital pool for self-funding retirement and aged care in Australia.

Home capital is the last remaining asset class of sufficient size and capital depth to make a fiscal difference for Governments seeking solutions to funding shortfalls and to address fiscal issues arising from the rapidly deteriorating dependency ratio of taxpayers:retirees caused by the ageing population.

Past News

Q1/2021 – New Fintech Partnership

Futureproof Completes Investment in Stropro Technologies

Structured products can play an important role in the asset mix of investors alongside traditional asset classes. 

Depending upon the design of each, structured products can be used within a portfolio to remove market volatility, protect capital whilst investing tactically or enhance income in low interest rate environments.

Futureproof has recently entered into a strategic relationship with fintech disrupter, Stropro.

 Led by ex-Citi executives, Stropro has democratised structured products as a platform-enabled business bringing institutional capabilities to wholesale and sophisticated investors.

Structured products arranged by Stropro are issued by leading investment banks and supported by institutional guarantees.