News & Insights

Blacktower Ready to Respond to New Challenges

Passporting Concerns

The Financial Conduct Authority recently stated that it was working with the government and the Bank of England to try to achieve a solution that would allow UK-interested wealth management and cross-border financial advice clients to “continue to be able to access global market infrastructures established in the UK after Brexit”.

Part of this strategy is allowing a temporary passporting arrangement for EU firms to carry on regulated business in the UK even in the advent of a no-deal Brexit. Similarly, it hopes to achieve a situation in which UK-based wealth management firms can be passported to work in EU jurisdictions in the event of a no-deal scenario.

Blacktower, Established and Innovative

The Blacktower Group began life in 1986 and since then has been providing world-class independent wealth management advice and bespoke financial services to its clients.

Over the course of this time we have established our reputation while continuing to innovate. For example, around two decades ago, Blacktower began its offshore expansion when it opened its first office in the Algarve, Portugal.

In 2003, Blacktower Financial Management (International) Ltd (BFMI) was formed and incorporated in Gibraltar. Since then we have continued to expand our international operation across the EU and the world, including our Caribbean Office in Grand Cayman and offices serving America.

We have our ears to the ground and our fingers on the pulse, while always keeping an eye on the future. We remain committed to staying abreast of and responding to every regulatory change and challenge that comes the way of us as a firm and our clients, including those relating to Brexit.

With our knowledge and expertise we can save you time, money and bring you peace of mind as the UK and the EU enters a new chapter.

Other News

Final Salary Pensions – To transfer or not to transfer, that is the question?

Birds nest filled with cashRecent pension transfers I have been involved with include British Airways and BT, amongst others, and these have prompted me to consider their perceived “gold-plated” image and whether clients may be better off transferring out to a Self-Invested Pension Plan (SIPP), perhaps, or a Qualifying Recognised Overseas Pension Scheme (QROPS).

If you are contemplating your pension planning, ask your pension trustees to send you a Cash Equivalent Transfer Value (CETV) and you may be shocked by the size of the sum involved. The British Airways Scheme recently offered over £500,000 transfer value to a member whose pension entitlement would be £20833 at retirement. That’s 24 times the income.

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Brexit update

Global markets have now risen steadily across the board as the volatility spike following Britain’s surprise decision to leave the EU died down and investors realised that, although unexpected, the uncertainty of the terms of Britain’s future relationship with the EU need not undermine equity markets. As for the FTSE 100, it is now 5% above where it closed on 22nd June, though 6% down in terms of dollar value (£ is 12% lower against the dollar) and the FTSE 250 is only 3% below where it was on the same day. The FTSE 250 is a far better barometer of UK economic activity than FTSE 100 and many of the stocks that were hit hardest such as the house builders Persimmon, Taylor Wimpey and Barratt made substantial gains as the new May government started to restore some stability.

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