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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

Will I outlive my retirement savings?

Golden Piggy BankThe Office for National Statistics puts UK life expectancy at 79.4 years for men and 83.1 years for women. Today, a 65-year-old man can expect to live for 18.5 more years, while a woman would typically have 21 more years left in her. Of course, life expectancies are averages – so this won’t hold true for everyone. Your lifestyle, diet, genetic make-up and wealth could all affect how long you will actually live for, with luck also playing a big role. Obviously, living a longer life is a good thing in theory, but from a retirement savings perspective, it can pose a real challenge. In fact, 60% of baby boomers admitted in a recent Allianz study that they’re more fearful of outliving their savings than of dying. This sentiment is shared by 43% of workers surveyed by Transamerica, who say that outliving their savings is their greatest retirement-related fear.

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Blacktower financial management Cayman welcomes new Head of Private Wealth and Chief Compliance Officer

International investment and financial planning firm Blacktower Financial Management’s Cayman entity has announced the appointment of Jim McLean as Head of Private Wealth and Chris Shaw as Chief Compliance Officer. Cayman, September 2022 Blacktower Financial Management Cayman, provider of financial services and independent wealth management advice, has announced the addition of two new accomplished industry […]

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