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Our History

Legend has it that a senior retiring army officer returning from service was considering how best to organise the funding of the private education of his daughters. He devised a cost-saving plan that he later applied to some of his friends' private education scenarios.

The benefits of the plan and its potential wider usage led to the creation of the School Fees Insurance Agency (SFIA) in 1952. The basic approach of the original plans were to utilise endowment policies and annuities to fund school fees.

To maximise tax benefit, the SFIA Educational Trust was started in 1959. A general fund was created for the benefit of all its members, where contributions could be made free of tax. In return, future School Fees payments were guaranteed.

In later years, the trust fund became a standard method of paying school fees and was adopted by financial institutions and professionals nationwide. SFIA Trust Limited, established in 1975, managed a trust fund far in excess of all competing funds put together and was contracted to pay over a half a billion pounds in school fees.

High interest rates at that time and the tax concessions applicable meant that a highly cost-effective mechanism was achieved for its members.

Changes in tax law and legislation forced the closure of new business to the trust fund in 1996. New strategies and techniques were devised to combat the lower interest rates, changes in tax law and other regulations. In 1997 School Fees Insurance Agency Limited was purchased by its current directors to take up the challenge of this new financial climate.

The composition of the financial regulator evolved and by 2002 SFIA Ltd was registered and authorised to offer Independent Advice by the Financial Services Authority (FSA).

In 2005 the Tax Planning Division was formed to extend the services provided to our higher-earning clients. This function has flourished and now offers a vast array of tax solutions, both ready-made and bespoke.

The FSA continues to reform the Financial Services industry to improve the service to consumers. Commission based Independent Financial Advice is being replaced by a fee charging system. SFIA's School Fees Planning Report is an implementation of this fee based structure.

SFIA has always conducted its business in an open and transparent manner, the regulator is now enforcing this approach across the industry.

Advice given in financial matter has often in the past been a one-off process, SFIA are now being encouraged to conduct regular health-checks and monitor clients' financial situation beyond the original transaction, with regular reviews and a stronger client-adviser relationship. SFIA are diligently building a range of service agreement options to enhance ongoing client service arrangements well ahead of the 2013 deadline set by the FSA.

SFIA has operated as a national Independent Financial Adviser specialising in School Fees Planning since its very beginning in 1952.