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.
It is thought that there are more than 200,000 British expats living in France and, although the country is only a short hop across the Channel, living there can sometimes be something of a sustained culture shock – even for the seasoned expat who has had years to acclimatise.
As it stands, EU citizens living in the UK are required to apply to the EU Settlement Scheme, which confirms that they are a settled resident of the UK. This has raised concern for many expats, and those living and working in the EU, about how they will be able to prove their identity and claim residency abroad if a no-deal Brexit goes ahead.