Contact

News & Insights

Suitability Key to Expat Retirement Transfers

Pensions Advice: Good – Pensions Transfer Advice: Bad

The FCA examined the retirement transfer advice of 18 firms and although it conceded that its analysis was not representative of the whole market, it stated that the findings were indicative of a market in which advice may sometimes fall short of an acceptable standard.

“Our assessing suitability review in 2017 showed that around 90 per cent of advice on pensions and investments was suitable,” commented an FCA spokesperson, adding that it was “unacceptable” that advice given specifically on pension transfers “should persistently remain at such a low level in comparison to investment advice. We expect firms to take prompt action on our findings and to check that their business model and advice processes do not exhibit similar failings.”

The truth is that for many clients, particularly those who reside in the UK, there may be little to no benefit in switching from a Defined Benefit Scheme; in the case of an expat, an expat retirement transfer is more likely to be suitable, although of course, what is suitable for the client entirely depends on their circumstances and long-term financial goals.

Furthermore, the FCA advised that making a retirement transfer should never be considered as the default position for a financial advice firm, adding that those which failed to review or amend their business models in light of the concerns would face serious consequences.”

Pensions Advice from Blacktower FM

If you are considering whether an expat retirement transfer may be suitable for you and your circumstances, we can help.

Blacktower is a fully regulated firm and has international pensions transfer specialists who can help you decide whether a transfer may be suitable and, if so, whether a SIPP or QROPS is appropriate to your situation. For more information, contact us today.

Other News

Voluntary tax fails to deliver

TrondheimNorway’s novel wealth management strategy of allowing taxpayers to pay additional tax if they feel their mandatory contributions are an insufficient reflection of their true capability to pay has yielded a perhaps unsurprising result: since the scheme’s launch in June just $1,325 in extra revenue has been raised.

The voluntary contributions strategy was initially mooted as a response to criticisms that Norway’s centre-right government was over-enthusiastically cutting taxes while simultaneously increasing spending.

Read More

August Market Review

Blacktower Financial ManagementThroughout history, the month of August has usually been one where investors take a break and the financial markets lose some steam. However, 2020 is far from being an “usual” period in time, and the month of August recorded one of the most aggressive upward trends in some of the global stock markets indices.

Looking back to July, the S&P500 and the NASDAQ continued to shine when compared to its peers, registering some substantial gains in the month. Following this, August continued on this same path and we saw the S&P500 record a 7% gain in the month, while the NASDAQ soared 11%, in this period of usual calmness in the markets.

Read More

Select your country

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

You are currently viewing the Blacktower Financial Management EU website.

You may be looking for the Blacktower United States website.

Blacktower United States > X Stay on this site

Or choose your country.