Premier FX collapse – What to do next for customers

There has never been a better time than now for British nationals living in the EU to consolidate their retirement plans by properly investigating their expat pensions options.

Post-Brexit, sterling has fallen dramatically against the euro and for many the uncertainty surrounding expat pensions is causing understandable anxiety.

Currently, British expats living in the EU receive an annual rise in the state pension; however, this could change in the post-Brexit environment, meaning that many face the prospect of frozen pensions and as a result are giving serious consideration to the idea of returning to the UK.

While these uncertainties are not to be dismissed lightly it is worth remembering that exit negotiations are yet to begin and freedom of movement and state and expat pensions are all likely to be issues for discussion once talks do start.

Money Marketing, a UK newspaper for financial intermediaries, has published details of a Freedom of Information Request it made it in relation to complaints received by the Financial Ombudsman Service (FOS) regarding Self Invested Personal Pension (SIPP) products.

It revealed that over the most recent 12-month period, 22 SIPP providers made 48 complaint referrals to the Ombudsman regarding investments.*

This latest revelation follows a SIPP dispute involving financial planner Berkeley Burke and the FOS in which it was heard that the firm failed to carry out full due diligence on a £29,000 unregulated collective investment scheme for one of its clients. It also follows a high profile but as yet unresolved case against Carey Pensions.