A View From The Sun On QROPS - Transfer Your UK Pension
SIPP and QROPS advice from expatriate UK qualified Ifa's: After over 10 years of standing on a sweaty smelly train in the summer and a wet smelly train in the winter traveling into London this Independent Financial Adviser (IFA) decided enough is enough "I'm an IFA get me out of here" So with all my UK qualifications under one arm, my suitcase in my other hand and my rucksack and lap top balancing wherever they fitted, I set out to the sun to become the mystical beast know as an EXPAT.
And I now practice my profession in the sun wearing my shorts for 12 months a year and have a vague memory of wearing a tie.
I quickly realized that the vast majority of self proclaimed advisers in the land of expat are not what they seem.
I have been introduced to one IFA (as he claimed) who two weeks earlier was a welder another who was a used car sales man.
In my time as an offshore IFA I have only met 4 professionally fully qualified advisers so be warned.
Some simple rules to follow when taking advice regarding QROPS from an offshore adviser.
1.
Insist you see evidence of their UK qualifications ask for a copy of all there certificates.
If they say they have lost them or they do not have them walk away.
2.
Ring the issuing authorities to confirm they are genuine (I have come across many copies) 3.
Ask for a copy of their CV 4.
Ask for copies of their regulators authorization certificates Then and only then talk with them.
With over 20 years experience in the UK and fully UK qualified.
I have been infuriated and concerned with many articles and news reports banging on about the need to speak to an FSA regulated adviser in the UK Why? Yes you should speak to a fully UK qualified adviser but one who is regulated in the country they are working in (by that countries equivalent to the FSA) remember they are EXPAT'S as well so they have first hand experience of moving and living abroad.
A UK based adviser is potentially dangerous and could be giving advice that will cause problems in your new home as they will not know the rules and regulations like a local UK qualified IFA would know.
Furthermore your local IFA will have professional connections with LOCAL/ INTERNATIONAL banks, solicitors accountants stock brokers etc.
Your UK based adviser cannot pop round for a BBQ in December or a pool party in February and certainly cannot visit you when you want to discuss your QROPS at short notice.
And I now practice my profession in the sun wearing my shorts for 12 months a year and have a vague memory of wearing a tie.
I quickly realized that the vast majority of self proclaimed advisers in the land of expat are not what they seem.
I have been introduced to one IFA (as he claimed) who two weeks earlier was a welder another who was a used car sales man.
In my time as an offshore IFA I have only met 4 professionally fully qualified advisers so be warned.
Some simple rules to follow when taking advice regarding QROPS from an offshore adviser.
1.
Insist you see evidence of their UK qualifications ask for a copy of all there certificates.
If they say they have lost them or they do not have them walk away.
2.
Ring the issuing authorities to confirm they are genuine (I have come across many copies) 3.
Ask for a copy of their CV 4.
Ask for copies of their regulators authorization certificates Then and only then talk with them.
With over 20 years experience in the UK and fully UK qualified.
I have been infuriated and concerned with many articles and news reports banging on about the need to speak to an FSA regulated adviser in the UK Why? Yes you should speak to a fully UK qualified adviser but one who is regulated in the country they are working in (by that countries equivalent to the FSA) remember they are EXPAT'S as well so they have first hand experience of moving and living abroad.
A UK based adviser is potentially dangerous and could be giving advice that will cause problems in your new home as they will not know the rules and regulations like a local UK qualified IFA would know.
Furthermore your local IFA will have professional connections with LOCAL/ INTERNATIONAL banks, solicitors accountants stock brokers etc.
Your UK based adviser cannot pop round for a BBQ in December or a pool party in February and certainly cannot visit you when you want to discuss your QROPS at short notice.