FCA ADVICE & REGULATION
THE LEGISLATION
In 2015 the UK Government introduced legislation, ruling that all advice on transfers with “Safeguarded Benefits” over £30,000, must be provided by FCA Regulated Firms.
This includes all Defined Benefit Schemes.
IMPACT OF THE LEGISLATION
For non-residents, this has not had the full impact the FCA has intended, as some advisers, especially many Overseas, have looked at ways to get around this.
This includes getting “FCA firms” to provide only an “Appropriate Pension Transfer Analysis”, which is just one part of the overall process of assessing the suitability of a transfer (more detail is highlighted within the Advice Services section). These “FCA firms” tend not to be around long, but individuals often appear under a new company not long after.
Some Larger Offshore firms have a small UK presence and are using this firm to “sign off” that UK advice has been provided, in effect acting as a conduit for the Overseas firm to give Commission based and Unregulated investment advice. Again this “sign off” firm may not be around long before re-appearing in another guise shortly after.
OUR VIEW & STANCE
In practice, this has given an opportunity for UK firms to work with Offshore firms, and we have been approached by many.
We have taken the decision that we will only work with advisers regulated in Australia by ASIC or New Zealand by the FMA
We will not act as a conduit to assist an Overseas Adviser in providing costly and Unregulated Investment advice.
Overseas advisers have lobbied the Government complaining that this rule change has led to a double fee scenario i.e. a UK adviser is required for the pension advice, with an Overseas Adviser required for the investment advice. We
do not see it this way, and can offer both parts without the excessive and hidden costs often associated with Offshore Advisers.
We are in a prime position to overcome this, by providing both aspects of the advice (with our regulated partners) in a clear and transparent way. We fully understand UK pensions through years of experience and examinations, and we also specialise in the specific requirements of non-residents.
We would fully welcome additional legislation, whereby all transfers need to be provided by FCA Regulated firms.
SOME KEY DETAILS OF WHAT OUR FCA ADVICE PROCESS LOOKS LIKE, AND HOW THIS DIFFERS FROM THE OFFSHORE MODEL.
Our Services
Australian Transfers
Our core business, Australian Pension Transfers are very much our main area of specialism. This is enhanced by working with like-minded and carefully selected partners in Australia to provide a comprehensive end-to-end solution.
New Zealand Transfers
For the right individual under the right circumstances, the New Zealand Pension Transfers could be beneficial. Transfers to Australia and New Zealand are our core business and very much our main area of specialism. This is enhanced by working with like-minded and carefully selected partners in both countries to provide a comprehensive end-to-end solution.
Shell Pensions
Many of our clients have been very high profile at Shell, and almost all want the same level of detailed and transparent advice. Most clients are UK nationals who are now living overseas, and some plan to return to the UK.
UK Resident Services
At Cradle Overseas Pensions, we are committed to providing a comprehensive range of services tailored specifically for UK residents. Our expertise extends to a variety of financial planning areas, ensuring that your financial needs are met with the utmost professionalism and care.
QROPS Pension Reviews
If you have previously transferred from a UK Pension to a Qualifying Recognised Pension Scheme (QROPS), we offer a review service to ascertain if the current QROPS is working for you or whether there may be better alternatives. Alternatives could include a full pension transfer or simply changing the structure of costs and investments within an existing plan.
Self Invested Personal Pensions (SIPPs)
SIPPs, or Self Invested Personal Pensions, offer a flexible way for individuals to manage their retirement savings, providing greater control over investment choices. These pensions are an ideal solution for those who seek to actively engage with and tailor their retirement investments to better align with their long-term financial goals.
OUR MISSION
To achieve the best and most suitable outcome for our clients, whereby both parties are making fully informed decisions, and in a manner where our clients feel at ease through the entire process and comfortable enough to ask us anything whether they feel it is relevant to their financial situation or not.