Overseas pension transfers more complex under new FCA rules
Transfers to overseas pensions are likely to become even more complicated following proposals from the Financial Conduct Authority to overhaul pension transfer advice in the UK.
Qrops
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Rops list sees Aussie rebound but Channel Islands wane further
After missing its Monday deadline, HM Revenue & Customs released an updated recognised overseas pension scheme (Rops) list on Wednesday that saw Australian scheme numbers rise, while Guernsey and Jersey continued their declines.
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Pension transfer delays expected as HMRC misses Rops deadline
Pension transfers are likely to be delayed and providers, advisers and clients have been left in limbo after HM Revenue & Customs failed to publish a new list of recognised overseas pension schemes (Rops) that was scheduled for Monday.
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Strategic Wealth UK ordered by FCA to cease pensions business
Strategic Wealth UK Ltd, a Wales-based IFA which partners with offshore advisers in Gibraltar to provide Qrops and Qnups services, has been ordered by the Financial Conduct Authority to immediately cease all pension related business.
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STM considers Qrops ‘buying spree’ as European units downsized
STM chief executive Alan Kentish has said the cross border financial services provider is well placed to go on a “buy and build acquisition spree” of Qrops businesses, following the UK’s shock decision to impose a 25% transfer charge earlier this year.
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Sipp provider Momentum clarifies asset rules amid ‘scrutiny’
Malta-headquartered Momentum Pensions has clarified rules around which assets it will accept into its International Sipp as chief executive Stewart Davies confirms the sector is under a “heightened level of scrutiny”.
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Five Qrops planning opportunities after 25% transfer charge
As the dust settles following the go-ahead of a 25% overseas transfer charge in the Spring Budget, David White, partner of Isle of Man-based The Qrops Bureau, sets out five key opportunities for financial advisers.
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Guernsey int’l pension reforms a boost for Qnups
Guernsey’s decision to update its pension regulations so that it includes international schemes could be to support growth in the Qnups market, according to David White, partner at The Qrops Bureau.
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DeVere to keep ‘presence’ in countries where it now operates
Nigel Green, the chief executive and founder of deVere, has underscored his firm’s commitment to maintain a presence in each country where it currently operates, including the US, as speculation grows over where changes expected under a strategic review now underway are likely to be made.
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Five tips to consider when using an overseas pension
Given the recent dramatic changes to rules governing overseas pension transfers, Martin Hall, the director of Isle of Man-based pension provider Optimus, gives his tips on what to consider when using an international pension scheme.
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Qrops ‘fire sale’ averted as reforms survive Finance Bill cull
Reforms overhauling overseas pension transfers may have survived the UK government’s wide-ranging cull of the Finance Bill in a bid to avoid a “fire sale” of Qrops, according to Rachael Griffin, financial planning expert at Old Mutual Wealth.
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Five UK tax changes postponed by the snap election
UK chancellor Philip Hammond has put on hold some significant changes relating to IHT, deemed domicile rules, and life insurance policies due to the snap election in June, that will impact the international advice market.