Contact

News & Insights

SIPP Providers – Getting it Right

The judgment reached by the FOS in the Berkeley Burke case was significant because it placed a clear emphasis on the duty of care SIPP providers owe their clients to properly vet unregulated investments.

What Makes for a Reliable SIPP Provider?

In light of the Berkeley Burke ruling and the latest FOI revelation, any person who is considering the question of whether a Self-Invested Personal Plan might be suitable for them should run through a checklist of important questions including the following:

  • Does the SIPP provider have suitable professional indemnity insurance?
  • Who is providing the indemnity cover and can it be relied upon?
  • Does the cover come with any limits and exclusions?
  • What is the level of excess provided by the cover?
  • Have you received appropriate, independent advice regarding your suitability for a SIPP transfer?
  • Has your advice resulted in a positive recommendation – i.e. you have been told that a SIPP is in your best interests?
  • Is a SIPP compatible with your cashflow needs?
  • Is a SIPP compatible with your legacy plans – i.e. the future needs of your spouse and/or descendants?
  • Are you a sufficiently sophisticated investor to understand the implications of a SIPP?

SIPPs Planning with Blacktower FM

Blacktower FM firmly believes that an investment plan should be designed to meet your particular goals, cash flow needs, time horizon and risk tolerance.

We are committed to ensuring that our clients with international pensions receive independent advice and that they develop a diversified portfolio of assets and regulated products offering long-term and tax-efficient solutions to their particular cross-border financial concerns.

For more information about how we may be able to help you protect and grow your wealth for retirement and the legacy you will leave behind you, contact your local Blacktower office today.

* https://www.moneymarketing.co.uk – Accessed 02-05-19

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

Other News

The Spring Budget 2017 – some major changes

CalculatorOn March 8, Phillip Hammond delivered the Spring Budget 2017. Among those most affected by the changes – which included the self-employed – were those who wish to set up Qualifying Recognised Overseas Pension Schemes (QROPS). Here is a brief overview of how the Budget 2017 has affected QROPS and what it may mean for you.

Read More

Many Grandparents missing out on full state pension

Grandparents and FamilyThe ex-pensions minister Steve Webb is urging the government and the HMRC to do more to alert grandparents to all the pension perks they’re entitled to after it was revealed that the overwhelming majority are not receiving the full state pension. By missing out on a particular benefit, unknowing eligible grandparents are missing out on £231 a year. Over the course of their full retirement, this could possibly lead to a loss of thousands of pounds.

It is a scheme called the Specified Adult Childcare Credit. It is thought that only 1,300 grandparents are taking advantage of it despite 100,000 being eligible (a mere one per cent). The scope of the problem was found out by Webb when he sent a Freedom of Information request to the HMRC.

The purpose behind the Specified Adult Childcare Credit is to allow grandparents who give up work completely to help raise their grandchildren the chance to claim National Insurance (NI) credits.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: