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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.

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.

Other News

UK Pensions – Act Now!

CoinsHSBC and The Local Government Pension Scheme are the latest Defined Benefit Pension Schemes to cause upset and worry to thousands of soon-to-be retirees.

Firstly, HSBC has come under fire for cutting the pension payouts of its former staff by up to £2,500 a year, affecting 50,000 members who joined the company between 1975 and 1996. This group had opted to pay less national insurance (NI) contributions whilst working by “contracting out” of the former state pension scheme. This meant that HSBC also paid less NI contributions. In exchange for paying a lower rate, the bank agreed to pay staff a guaranteed minimum pension when they came to retire. Payment records were however not properly maintained leading pensioners to be either overpaid or underpaid. Numerous firms, including HSBC, had used this arrangement and when the errors were discovered, some began to cut pension payouts to compensate for the overpayment.  

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Spotlight On … Mark Hollingsworth – IFA

Mark HollingsworthHow / why did you get into your line of work in the financial services sector?

On leaving school aged 17, joining a bank or insurance company was a popular career choice. I spent 13 years with Standard Life, which also gave me the foundation to study and obtain advanced level financial services qualifications. I always wanted to further my career in the industry and to give direct client advice – this took me abroad in 1999 and I have never looked back since.

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