Pension stuck in Republic of Ireland

Moira29

Yes Irish life first told me I just needed to open a policy here and transfer it back

when I investigated that the Company I approached said they couldn't do it for me

i had to contact a financial adviser - I did that and that was when they told me

it had to be a MIFID registered Financial adviser

and this is what i'm trying to do - find someone reliable that will help me

thanks again

xylophone

http://citywire.co.uk/new-model-adviser/news/mifid-mayhem-how-eu-rules-will-affect-advisers/a845060

http://www.financialadvice.net/mifid_status_check_the_fsa_register/zone/1898

https://www.unbiased.co.uk/

Use the filters to find an adviser with pension transfer permissions and check whether MIFID registered?

dunstonh

it had to be a MIFID registered Financial adviser

Which, as you now know, does not exist.

Advisers are regulated by the FCA in the UK and the FCA has to interpret MIFID into it's own rules and guidelines at this moment in time (likely to change post Brexit).

However, this is not a common transaction. So, you may want to look at firms that have particular focus on expats.

xylophone

Which, as you now know, does not exist.

I am as confused as the OP.

http://www.financialadvice.net/mifid_status_check_the_fsa_register/zone/1898

https://www.fca.org.uk/publication/other/fs025-passporting.pdf

http://citywire.co.uk/new-model-adviser/news/fca-significant-uncertainty-over-mifid-impact-on-ifas/a856068

The FCA will begin to accept draft applications from firms seeking authorisation under Mifid II from April 2016, it said at the roundtable.

Who exactly is required to register what with whom?

dunstonh

I am as confused as the OP.

MIFID is a directive that the FCA implement into their rules and guidelines. Advisers have to comply with those. It is not something you register for. It's a given.

MIFID II is still under consultation and again, advisers will have to comply with the FCA interpretations. At this time, the main thing affecting advisers is whether they will have to record phone calls.

The directives will affect firms in different ways depending on their regulatory permissions. Some firms will have exemptions in certain areas. Some will have extra requirements in others. So, saying you need a MIFID registered financial adviser doesn't actually make sense.

I suspect what they meant was an IFA (or provider - its not clear from the OP whether its an adviser or a provider as both have been referred to in this thread) with passporting permissions. However, that is not required as passporting permissions only apply if the person is resident in the EU but not UK and cannot come to the UK for face to face meetings. The OP is back in the UK. So, passporting is not required.

As an aside, it is a good example of stupid EU rules. If a non UK resident corresponds from France to the UK and then pops on a plane to the UK to hand the adviser the forms, passporting permissions are not required. However, if they want to fax the form, email or post it then passporting permissions are required.