The effect of this is that expats who seek advice abroad regarding their pension must also seek advice from a UK professional authorised to do so.
Now the Association of British Insurers, together with a number of wealth management professionals, has called for the government to abolish the advice rule and instead replace it with a guidance session, saying that any such move would also reduce the fees burden on consumers.
The survey questioned nearly 300 advisors from across Europe, Asia, the Middle East and Africa and discovered significant resistance to the new rules, which require consumers to pay an additional fee to a UK adviser, while also raising concerns that having two advisors could muddy any potential liability issues.
“A surprisingly high number of overseas advisers [69%] have already successfully linked up with UK adviser firms but the number of advisers who have faced challenges is alarming,” commented a spokesperson with Old Mutual.
“It is imperative that clients are not detrimentally impacted, so we would welcome a review by the Department for Work and Pensions.”
If you are unsure about QROPS rules, contact Blacktower for bespoke advice regarding your personal situation.
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.
One of the best pieces of semi-financial advice I ever received was about buying clothes: buy good quality (obviously) and then have the garment altered to fit me specifically; sound financial and sartorial sense. Of course, this means going a little further than one might normally when buying a new outfit, but it’s a little extra that I think is more than justified in the end. Ready-to-wear clothes are great without doubt, but having something that fits you perfectly gives a continued feeling of satisfaction with every wear, it’s so worth it. There are parallels to be made in my professional life as well; it’s such a pleasure to be able to offer clients advice and products that are tailormade to their requirements and fit their circumstances perfectly.
Now that it is almost settled that the U.S. presidential nominees are known – barring any huge U-turns or assassinations – both candidates have been setting out their plans for economic transformation to make the USA great again. What is very interesting is that both Donald Trump and Hilary Clinton are aiming their reforms at the super-rich.