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Nightmare for Swiss Based Financial Advisers and their EU clients?

It is the opinion of the MFSA that Switzerland does not currently offer the relevant framework although recognises that the Swiss authorities are progressing to implement this.

As a result of this decision Pension Trustees in Malta are being given until the 1st of October 2019 to disengage and transition Members with an appointed Swiss Investment Adviser/Asset Manager to an Investment Adviser or DFM, who meet the licensing requirements under the Rules. This applies for all existing Members residing in or outside Switzerland.

Next steps?

Swiss based IFA firms may wish to seek an EU IFA Network that can offer them MiFID permissions to be able to continue to service their client books.

Alternatively, clients being looked after by Swiss Based IFA firms may be required to seek an EU Based IFA Firm with the appropriate licences to able to provide them with ongoing servicing.

Conclusion

Not ideal as it is the client that is placed at risk here… but this is not without solution.

Blacktower Financial Management (International) Limited is MIFID licenced and passported throughout the EU. Not only that it holds Terms of Business with most of the Malta based Retirement Practioners.

We also run an IFA Network – Nexus Global – giving you the ability to access the EU Market for your EU based clients.

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

Expats join forces to publish paper

There has been unity among groups representing British expats living in EU nations – particularly Spain, Germany France, Belgium, and Italy – in an attempt to convince MPs to ensure expats have their rights sufficiently protected during Brexit.

The “Alternative White Paper”, published the same day the government released the Brexit White Paper setting out plans for leaving the EU, demands that expats’ rights be prioritised during exit agreement negotiations once Article 50 has been triggered.

Read More

Expats a Factor in Huge Pension Withdrawals

Pile of CoinsExpat pension needs are one of the major reasons behind the £15.3 billion the Financial Conduct Authority (FCA) say was was taken from pensions during 2016/17.

The high level of withdrawals is no doubt attributable to the increased flexibility afforded UK pension savers by the introduction of landmark reforms over the past few years.

The £15.3 billion figure was disclosed following a Freedom Of Information request to the Financial Conduct Authority (FCA) and is a massive 173% increase on the £5.6bn that was withdrawn in 2012/13.

In fact, the second quarter of 2017 saw the highest quarterly level of pension withdrawals in five years – no doubt including many expat pensions withdrawals – with more than 40,000 people withdrawing £4.3bn from their pensions.

Read More

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