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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

Other News

The Brexit Effect

Polling StationIn true form, the ending of Theresa May’s last-minute snap election ended in a rather unexpected hung parliament, with the Conservatives planning to team up with Northern Ireland’s DUP party to form a majority government.

The election marked shock losses for the Conservatives. Out of 650 seats, the Tories finished with 318 seats – eight short of the figure needed to win – with Labour on 262, the SNP on 35 and Liberal Democrats on 12.

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Financial changes in France for 2018

French flag against a blue skyJanuary 2018 will see the French government introduce several legislative, tax and other financial changes, some of which will be of interest to British expats living in France.

First and foremost is the change to the wealth tax – also known as the Impôt de Solidarité sur la Fortune (ISF – or the “solidarity tax on wealth”). We touched on the topic last year when discussing the number of French job opportunities rapidly increasing.

The country’s president, Emmanuel Macron, who was elected in May 2017, has introduced the change as part of a push to attract more wealthy investors to France. The change is just one of many in what he called a “profound transformation of France” in his new year’s address.

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