IFA for non-uk resident?

bucakar

Could someone recommend an IFA who is willing to deal with a non-UK resident (EU) with UK personal pensions.


I'd like to crystalise my pensions. Apparently UK regulator FCA requests UK IFAs to have " a passport" for a country of client's residence, i.e. IFA need to apply for a permission to give investement advice the FCA counterpart in country of residence.


The IFAs I contacted so far didn't show much willigness to go through this.


Thank you.

atush

I would try an expat forum perhaps?

dunstonh

Apparently UK regulator FCA requests UK IFAs to have " a passport" for a country of client's residence, i.e. IFA need to apply for a permission to give investement advice the FCA counterpart in country of residence.

Its an EU requirement.

The IFAs I contacted so far didn't show much willigness to go through this.

That is because the financial firm either pays the extra regulatory costs to get it or they do not. Given that most IFA firms are small local firms, most would not want to pay for it. It tends to be specialist firms focused on ex pats that will fo it.

bucakar

I know that "passporting" comes under EU direktive 2004/39/ES.


Is it agianst the forum "rules" to suggest the names of some of those specialist IFA firms that are likely to do it?

xylophone

http://www.whichoffshore.com/offshore-retirement-planning/qrops-and-pension-transfers

might have some relevant information?

mania112

It's not so much of a problem if you have a UK bank and a UK correspondence address?

bucakar

How is that not a problem? I have UK bank account and correspondence address, but I am abroad and don't want to incur extra costs by going back to UK.

mania112

I will need to check this, but with a UK bank and address I think it's fine.

You would just need to set a standing order to your overseas bank (or maybe its your main account already).

dunstonh

I will need to check this, but with a UK bank and address I think it's fine.

Its not. The changes came in 2007 with MiFID. Face to face is fine but remote methods would need passporting permissions.

bmm78

The FCA view (PERG 5.12.8G) is that advising is deemed to take place where the advice is received.

Passporting under MiFID just isn't worth the additional capital and reporting requirements for most firms.

On unbiased.co.uk the search can be refined by Advice Area>Expatriate Finances. This will at least narrow down the list of results to firms who have indicated some kind of specialism in this area. This doesn't guarantee that they will be able to help (I checked some results against their listing on the register, and not all held passporting rights), but it's a way of filtering the list.

It may be worth sending a quick email to the firms listed as expat specialists to see if they can help.

DonM

What information do you need. Before seeking specialist advice it may be worth getting information of international sipps, qrops etc so that you have an idea of what may be best for you.

After this, I'd then contact IFA's who specialise in the area.

Here is some information on QROPS.

http://www.aviva-for-advisers.co.uk/site/public/tech-centre/tech-article-detail/overseas-schemes---qrops-or-qnups-
http://www.skandiainternationalknowledgedirect.com/Investments/Pensions/QROPS---the-reasons-why.html

And here's one based on the recent UK budget changes

http://www.liberty-wealth.com/news/uk-budget-2014-pension-changes-1047.html

Hope this helps