Contact

News & Insights

SIPPs Suitability a Key Question for Expats in Spain

SIPPs and Suitability – the FCA View

In 2018 the Financial Conduct Authority asked Work & Pensions Select Committee chairperson, Frank Field, to provide a list of questions that SIPP providers must answer before enabling clients to access a SIPP.

This is because the FCA had serious concerns about whether all financial advisers were giving full consideration to the twin issues of suitability and due diligence checks before recommending a SIPP. It also called on all advisers to ensure that SIPPs align with clients’ investment objectives.

Fees – a Question of Transparency

It is important that all SIPP clients fully understand the long-term fee burden and charging structure. For example, does the SIPP provider impose a one-off charge or ongoing investments fees and, importantly, does it charge an annual flat fee or calculate its fee as a percentage of the total value of the scheme?

Expat Pension Transfer Advice from Blacktower FM

Blacktower FM gives full consideration to your retirement planning goals and financial circumstances before recommending any SIPP product. We also ensure that the provider is fully scrutinised so that you are not later left counting the cost.

Our advisers have helped many clients find the SIPP that is most suitable for them, particularly in cases where their cross-border financial needs are not able to be met by an employer-sponsored pension scheme.

Where appropriate, we may also be able to help clients consolidate multiple pension arrangements into a SIPP in order to improve the management and efficiency of their most important retirement asset.

For more information about how we may be able to help you, contact us today. We have offices across Europe, including in France, Germany, Portugal and Spain, all providing wealth management the Blacktower way. Discover the difference.

*Sarah Stokes, Managing Director at Pension Claim Consulting Ltd, quoted in The Express, 29 April, https://www.express.co.uk/finance/personalfinance/1120473/brexit-news-Pension-news-expats-state-pension-compensation-claim-SIPP

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

BLACKTOWER FINANCIAL MANAGEMENT GAINS ACCESS TO PANAMA MARKET

International investment and financial planning firm, Blacktower Financial Management Group, announces the launch of its offering in Panama. Gibraltar, 10th October 2022 Blacktower Financial Management Group, providers of individual and corporate financial planning, has today announced that they are now licensed to offer their bespoke services in Panama. This follows the recent acquisition of a […]

Read More

Abandoning the ‘Lottery Mentality’

Lottery ticketNearly everyone dreams of winning the lottery and sailing into their sunset years of retirement aboard a superyacht of financial freedom and security. The problem is, however, that simply buying a lottery ticket is very unlikely to result in anything other than the needless spending of your hard-earned money.

In fact, when you buy a Euromillions ticket your chances of winning the jackpot are just 1 in 139,838,160* – you are almost certainly more likely to be struck by lightning or involved in a road accident while on the way to buy your lottery ticket than of winning the jackpot.

Read More

Select your country

Please select your country of residence so we can provide you with the most relevant information: