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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

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However, around half a million British expats suffer a pensions shortfall of as much as £4,000 a year simply because they have chosen to live in a country or region without a reciprocal agreement with the UK and their pensions have been frozen.

Many of them feel it is unfair that they have no choice but to live on a lesser income or to take steps to redress the situation by consulting their expat financial advisers for inventive solutions. But, things may be about to change as MPs have created a parliamentary alliance to change the expat pensions law.

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Choosing a financial advisor can be a somewhat overwhelming and intimidating process. The vast selection of companies, services and advisors available can result in anxiety over choosing with whom to trust your finances. Making the right choice is important to ensure you are equipped with the correct expertise and long-term financial protection, but also, perhaps […]

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