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    • y0rklett5
    • By y0rklett5 7th Jul 17, 12:38 PM
    • 1Posts
    • 0Thanks
    IFA's and Insistent Clients?
    • #1
    • 7th Jul 17, 12:38 PM
    IFA's and Insistent Clients? 7th Jul 17 at 12:38 PM
    I have decided to cash in my pension pot for full amount withdrawl,it has Guaranteed Annuity attached to it but I am very willing to forego it.
    I also realise the tax implications I shall incur,again no problem.

    The amount is just over 67k,and I stopped paying into it many years ago because of financial restraints (Divorce).

    The policy was originally with C.I.S.,but then taken over by Royal London,and they have sent me the relevant paperwork to complete to access the money.

    But,I have hit a brick wall,I have contacted eleven IFA's so far and every one of them is not prepared to complete the Financial Advice Confirmation Form for me,as I am an Insistent Client!

    I am an ex-pat living and working in Belgium for many years and that is another reason for not taking me on,because I am not a UK resident.

    I have been on the phone time and time again with Royal London to say I cannot find an IFA who is willing to deal with my claim,all they keep telling me is that they have had a number of clients who live abroad that have had the form completed successfully over the past couple of years so there are IFA's out there who are willing to complete the form,usually at a reduced rate so long as I sign an indemnity form,which would be no problem.

    I find it so frustrating that I cannot access money which is mine,because of legislation!

    Does anybody know of an FCA approved IFA that would be willing?
Page 1
    • missile
    • By missile 7th Jul 17, 2:16 PM
    • 9,443 Posts
    • 4,698 Thanks
    • #2
    • 7th Jul 17, 2:16 PM
    • #2
    • 7th Jul 17, 2:16 PM
    I would suggest you ask for recommendations on one of the many expat forums, e.g.
    "A nation's greatness is measured by how it treats its weakest members." ~ Mahatma Gandhi
    Ride hard or stay home
    • xylophone
    • By xylophone 7th Jul 17, 2:40 PM
    • 25,377 Posts
    • 14,973 Thanks
    • #3
    • 7th Jul 17, 2:40 PM
    • #3
    • 7th Jul 17, 2:40 PM
    This type of thing perhaps?
    • sandsy
    • By sandsy 8th Jul 17, 8:46 AM
    • 1,323 Posts
    • 796 Thanks
    • #4
    • 8th Jul 17, 8:46 AM
    • #4
    • 8th Jul 17, 8:46 AM
    I suggest you are approaching the IFAs in the wrong way. By presenting yourself as an insistent client before advice has even been given, you are giving IFAs every excuse not to take you on as a client.

    Consider carefully why you want the money rather than a guarantee. Do you have a reason for taking the pot in full which can't be achieved by any other means? As you are living overseas, you do actually have a genuine reason why taking the GAR might be unsuitable if your assets (the GAR income) is in but your outgoings are in euros so creating a mismatch between income and outgo. What other means do you have to provide yourself with an income in retirement? Without any other means, it might be difficult to get the result you want.

    When you approach an IFA, don't insist you want to access your pension. Just tell them you want to understand better what your options are and the pros and cons of different approaches. Basically don't be the insistent client that no adviser wants because then you're a liability rather than someone they can helpfully advise.
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