News & Insights

Could Brexit be Guy Fawkes in disguise?

Immediately on hearing the news, market impacts were felt.   The shares in FTSE dropped and the pound’s value started to improve against the dollar and the euro.  Uncertainty in the political climate is always going to be bad for the markets and this decision now provides us with more questions than answers.

Theresa May is a supporter of remaining in the EU but since she has become Prime Minister she has fought hard to make sure the will of the British people is carried through following the result of the referendum – indicating the public wanted a Brexit.  

This latest High Court ruling could have major ramifications. Consider that parliament objects to Article 50 being triggered.  We know that the whole of the Labour Party and SNP will fight for a new referendum and a good many of the other MP’s may have their own agendas.  The public could be furious.  Brexiteers have been passionate in their support  – and look at what happened in the lead up to the EU Referendum.

This could be just the start of an uprising and could in fact be just the completion of the Guy Fawkes master plan in blowing up the Houses of Parliament.

What does this mean financially for expats?  Good advice is even more important than ever.  Considering what your needs are now and will be in the future.  We might see a spike in the pound’s value and that may be a time to exchange a portion of Currency.  Expats in Spain may be excited about the fact that Brexit might not actually happen but in reality, I cannot see that happening.  In this world though, you can never say never; could you imagine Donald Trump being presidential candidate just two years ago?


Other News

Lasting Power of Attorney for Expat Investors

Research by the Alzheimer’s Society suggests that two-thirds of people who have sought financial advice have a lasting power of attorney (LPA) in place, but this, potentially, means a significant proportion of Brits do not have the protection that LPA offers.

Unfortunately, there is a common misconception among many expats (highlighted in a survey of UK expats conducted by Old Mutual International in 2017) that a spouse, child or financial professional can automatically sign documents and manage the welfare and monetary matters of a person who loses mental capacity. This is not the case; your family members could be left vulnerable should you become unable to manage your affairs without having LPA in place.

Good expat financial advice would generally advocate local legal advice to help ascertain whether or not an existing LPA, i.e. one that was drawn up in the UK, is valid in your location of residence. Generally speaking, however, common law jurisdictions will recognise a British lasting power of attorney, but it is always worth checking.

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Dealing with scams

Blacktower Financial Management

You may have seen emails alerting you to a new fraud specific to the financial services advice industry. We are not aware of any of our clients having been targeted in the way described below, but it is our responsibility at Blacktower to do everything we can to educate our clients about these scams to avoid any harm coming to them.

The fraudsters claim to be from the Financial Conduct Authority or local law enforcement and are targeting clients of investment management firms. They are advising clients that the investment manager, adviser or firm is under investigation. The fraudster specifically asks the client not to speak to their investment manager, adviser or firm, or even close connections, claiming this would be considered tipping off. The client is then advised to encash their portfolio and move the cash to the client’s bank account. Once this is done, the fraudster then ‘recommends’ an investment which is actually a scam.

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