Otto The Squid

So, let me get this straight, an FCA registered adviser is signing off the transfer and another adviser ( not FCA regulated ) is providing the investment advice. Have I read that correctly?

Have you actually spoken to the UK adviser firm directly and, if so, who is it? The recommendation you are making should be for the UK regulated firm not an appointed representative of a Gibraltar regulated company.

Otto The Squid

Otto The Squid
This message has been deleted by christmasoompa. Reason: Quoted post removed for advertising.

I have never advertised on here, I was raising a concern about the recommendation of a non-UK regulated adviser firm for final salary pension transfers.

richardorme

The sign off of the Defined Benefit is the only part that need to come from an FCA registered advisor. Advice can be given from an advisor but in terms of the DB sign off, it has to be a G60 FCA registered advisor.

The G60 advisor works in a regulated firm with in the UK, you will be informed from the advisor at <snip> on the firms name as to who the g60 advisor works for. Hope that clears it up for you.

christmasoompa

Not you! As per the message, the post you quoted was advertising.

Otto The Squid

No, it does not. It is not a sign off, the UK FCA regd firm must give advice. The firm must then provide an Appropriate Advice Letter to the ceding trustees. I asked you if you have spoken directly to the UK adviser and did he/she base the advice on the investments are taking out.

Appropriate independent advice (Advice) is advice to the member from an independent financial adviser who is authorised by the Financial Conduct Authority (the FCA) to advise on converting defined benefits into flexible form.



The FCA has issued a policy statement which clarifies the meaning of the word “independent” in this context. The statement confirms that, while Advice has to be provided by an adviser who is independent of the employer or the trustees/manager of a scheme, it can be provided by an adviser who operates on either an independent or restricted advice basis. The rules on this are below-

Trustees must have sight of a written statement from the adviser to the member that covers specific points, including: „

the name of the scheme and the member;
the adviser’s FCA reference number;
confirmation that the adviser has the correct authorisation; and
confirmation the adviser has given advice that is specific to the transaction that the member is planning.
Having received this statement from the member, the trustees must check the adviser’s details against the Financial Services Register kept by the FCA.

Why are you happy to name the non-FCA regulated firm but not the regulated firm?

christmasoompa

Richard, in case you haven't seen the delete messages on your previous posts, please take the time to re-read our Site Rules (particularly Rule 9) before posting again.

Advice is very welcome on the forum, advertising is not.

Thx.

Otto The Squid

Just found the Richard that you referred to on Linkedin. He is Richard Orme. That Richard Orme, not you of course as this is a coincidence, appears to have been an adviser for 3 whole months.

Nice try.

HGerchikov

Yes, that was the point I was making in my post. Seriously if you are going to recommend yourself (as some third party) it's probably advisable not to use your real name as a log in.

Otto The Squid

https://www.ftadviser.com/pensions/2...sfer-advisers/

The FCA are now auditing firms in the UK that sign off for non-UK regulated firms. A friend of mine in the UK was doing this and now the FCA have suspended his licence- no apparent error on his part, but the FCA do not like this type of business model.

Note this comment in the article....


The FCA also warned advisers not qualified to provide DB transfer advice against using secondary DB transfer specialists, but then claiming they were still providing the advice to the client.

stokesey

Hey all - so what kind of fees can I expect to pay for the advice, I'm assuming it's a set fee not a percentage of the transfer pot?

Thanks.

Aviator

Depends who you ask and their hourly rate. We pay something like $150 to $400 an hour depending if it is one of the juniors or a partner doing the work.

What they cost is irrelevant, it is the value they professional brings. Cheap is not always the best option.

stokesey

I get it, cheap is not always the best option but I've read in some cases they want 4% of the pot to perform the physical transfer, I'm not prepared to pay £50k + for a pension transfer. My old boss (still in the UK) is being charged 2% upto a maximum of £15k. Still expensive but more reasonable.

For what it's worth I'm in touch with Montfort International based in Surrey UK, I'll have a conversation with them next week when I'm back from vacation and report back.

If anyone has any dealings with them please let me know your thoughts.

Otto The Squid

I know them, Eugen is head of financial planning at Montfort and is a Chartered Financial Planner who knows his stuff. The quality will be high, and they are more likely to get the advice correct, but don't judge them on price alone as they are upper end- but good.

stokesey

Well thats good to know, thanks.

I've been dealing with a guy called Andrew Hains, he seems to be knowledgeable in his field. I really have no problem paying a 'fair' price for good service.

As I said I'll report back as the discussions progress.

Thanks.

Otto The Squid

I know Andrew too, very experienced. Eugen oversees all advice, robust system.