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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.

Other News

AROUND THE BRANCHES: Living and Working in the Netherlands

Girl with Netherlands flagThe United Kingdom finally left the European Union on 31 January 2020. As such, the two jurisdictions are now in the process of implementing the Withdrawal Agreement, with the transition period ending at the close of 31 December 2020.

This means that in the short-term, nothing really changes for UK expats in the Netherlands – they will continue to enjoy the protections and freedoms of EU regulations, including, crucially, freedom of movement and the right to work and study in the country. Find out more about how Blacktower can help you during Brexit, here.

However, following the end of the transition period – i.e. after 31 December 2020 – UK nationals and their family members who live in the Netherlands will require a residence document. This should be arranged through the Immigration and Naturalisation Service (IND), which, in theory, will be sending letters to all UK nationals in the Netherlands detailing how they can apply online.

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Auto-Enrolment increases number of savers, but are they saving enough?

Piggy bankStatistics from the Office for National Statistics (ONS) have shown that a record number of savers are now members of workplace pension schemes.

The figures show that the proportion of employees who are contributing to a company pension has risen significantly in the five years since Auto-Enrolment (AE) began.

AE was introduced in 2012 and makes it compulsory for employers to automatically enrol all eligible employees into a pension scheme unless the employee actively opts out. An employee is eligible for AE if they are aged between 22 and the state pension age and have a salary of more than £10,000.

In 2012, prior to AE, 47 per cent of UK employees were enrolled on a company pension scheme. This figure has now risen to 73 per cent in 2017. In other words, there are over 9.5 million more people saving for their retirement than there were five years ago, and it’s mainly thanks to AE.

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