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Advice re QROPS in UAE

Advice re QROPS in UAE

Old May 23rd 2015, 6:54 pm
  #31  
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Default Re: Advice re QROPS in UAE

Originally Posted by Meow View Post
Certainly the insurance companies have a lot to answer for. They just take in business in the full knowledge that some of it is questionable. The dreadful 25 year savings plans from certain companies in particular as the persistency rates are appalling.
What are your views of firms in the UAE that take on advisers that are banned for life by the UK FCA and fined 290 grand, only to turn up advising in Dubai?
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Old May 24th 2015, 7:59 am
  #32  
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Default Re: Advice re QROPS in UAE

Originally Posted by Otto The Squid View Post
What are your views of firms in the UAE that take on advisers that are banned for life by the UK FCA and fined 290 grand, only to turn up advising in Dubai?
Beyond depressing. Nothing to do with me personally but still a mystery as to why and reflects badly on those of us who are doing things right.

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Old May 24th 2015, 8:06 am
  #33  
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Default Re: Advice re QROPS in UAE

Originally Posted by Meow View Post
Beyond depressing. Nothing to do with me personally but still a mystery as to why and reflects badly on those of us who are doing things right.

I am surprised he is still there. I got onto Google and see he worked at G.... ye, and there is a picture of him with FPC (CII) after his name. New one on me, that is not a title, never has been and he is not even a member of the CII.
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Old May 25th 2015, 8:06 am
  #34  
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Default Re: Advice re QROPS in UAE

HMRC in the past month have requested all QROPS funds to confirm by 16 th June 2015 that they remain compliant under the new rules that have come into force since 06 April 2015. This will see a number of funds being removed from the QROPS list you would expect.

The new rules also now require a UK FCA regulated Adviser to provide advice on defined benefit schemes where the value is over $ 30,000 GBP.

We have a UK Adviser who works with us on large balances requiring progressive transfers and also now with the above requirements for transfers to Australia.

Hopefully this will help reduce those exposed to unethical advisers and companies.

:-)
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Old May 25th 2015, 2:18 pm
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Default Re: Advice re QROPS in UAE

Charming. And you aren't even in the Middle East.

I work with UK authorised advisers and am fully compliant under the new rules.
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Old May 25th 2015, 2:32 pm
  #36  
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Default Re: Advice re QROPS in UAE

I see the individual concerned is still tweeting away. Now using FCA after his name.

xxxx xxxxxxxx FCA - Financial Consultant and Advisor, guides on how to get financial success.By following these steps you can surely get financial success.
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Old May 26th 2015, 1:17 pm
  #37  
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Default Re: Advice re QROPS in UAE

Originally Posted by Otto The Squid View Post
I see the individual concerned is still tweeting away. Now using FCA after his name.

xxxx xxxxxxxx FCA - Financial Consultant and Advisor, guides on how to get financial success.By following these steps you can surely get financial success.
"Paul Reynolds is a Dubai based Financial advisor and does not operate or is he authorized to provide Financial advice in the UK
Paul Reynolds is an International Financial Planner advising expatriates and does not advise UK residents"

Was he really banned for life in the UK by the FCA?
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Old May 26th 2015, 1:26 pm
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Default Re: Advice re QROPS in UAE

Originally Posted by Brains1983 View Post
"Paul Reynolds is a Dubai based Financial advisor and does not operate or is he authorized to provide Financial advice in the UK
Paul Reynolds is an International Financial Planner advising expatriates and does not advise UK residents"

Was he really banned for life in the UK by the FCA?
I did not intend to name individually

The list of individuals that have been banned by the FCA is here

https://www.fsa.gov.uk/register/prohibitedIndivs.do
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Old May 26th 2015, 1:40 pm
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Default Re: Advice re QROPS in UAE

Originally Posted by Otto The Squid View Post
I did not intend to name individually
[/url]
just to harp on about him then?
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Old Aug 8th 2015, 1:47 pm
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Default Re: Advice re QROPS in UAE

I'm getting nervous reading this. I've just signed documents two days ago to move my UK pension funds into a QROPS using a European Executive Investment Bond. Now I'm wondering if that was the right thing to do, especially bearing in mind what has been said about these bonds? My advisor told me that he was paid out of the fees paid to the pension manager and that their company do not work on a commission basis at all. Now I've read that they recommend these bonds because of the high commission they get, initially and ongoing, and they may not necessarily be the right investment vehicle for a QROPS pension fund. I notice that someone earlier said that's not necessarily true though so I'm hoping for some input here, obviously hopefully it'll be reassurance.

If I signed two days ago is it too late to hold or cancel the arrangement without it costing me huge fees? I haven't had anything that mentions any cooling off period. Panicking now......
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Old Aug 8th 2015, 1:49 pm
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Default Re: Advice re QROPS in UAE

I should have said - I'm resident in France. I realise this is a middle east thread but it all seems relevant to any expat.
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Old Aug 8th 2015, 1:58 pm
  #42  
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Default Re: Advice re QROPS in UAE

Let me guess- Old Mutual (Skandia) with a QROPS in Malta- STM or Momemtum?

You are being lied to, of course. You will be locked in for 5 to 10 years with high exit penalties. This is because the commission of 7 to 8% will be paid to the salesmen the month after you transfer. The illustration on the bond should tell you all of this- but the salesmen may not have given you the proper illustration to read.

To stop it, call your UK pension company asap. Then the transfer will not happen.

Are you planning to retire in the UAE? I suspect not, so what is the point of a QROPS? The fees are higher on QROPS as well as the bond fees. Why has a low cost investment platform not been offered if a transfer is recommended? These do pay NO commission and they have NO penalties and low cost access to thousands of fund.

If it is a final salary scheme, a UK IFA must be involved somewhere. If so, this is not acceptable.

Get a second opinion on this urgently.

I am staggered that a salesmen would tell you such a bare-faced lie about the commission.
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Old Aug 8th 2015, 2:54 pm
  #43  
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Default Re: Advice re QROPS in UAE

French resident. I would be extremely cautious about moving to a QROPS if you live in France.

Portfolio bonds, are regarded as a highly personalised investment vehicle and are generally not given the tax benefits that a French assurance vie would be given for example. You may find that this transfer becomes of interest to the French taxman.

Are QROPS viable for French tax-residents? If the investment vehicle chosen is not an assurance vie, how will it be treated? The French see through trusts to the ultimate beneficiary; they are simply not a respected vehicle within the French system.

So, I think you should take tax advice on this before doing anything and why have you been recommended to move to a QROPS anyway? What will it give you that your UK pension won't? Was a SIPP considered?
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Old Aug 8th 2015, 4:16 pm
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Default Re: Advice re QROPS in UAE

Unfortunately it's the weekend and my pension companies aren't open. I'm worried they've grabbed the money already even though I only signed on Thursday. Will I still be able to stop it if they have?

He told me it was an assurance vie and would be tax efficient in France. Yes it's Old Mutual European Executive Investment Bond and yes it's Malta but it's the contract based Trireme Pathfinder Scheme (because trusts aren't good in France).

No a SIPP wasn't considered. He said there would be tax benefits of moving it into a QROPS, the ability to leave the whole fund to my children and better growth prospects. I'm worried now that I won't be able to stop it.

Last edited by Debra186; Aug 8th 2015 at 4:20 pm.
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Old Aug 8th 2015, 4:27 pm
  #45  
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Default Re: Advice re QROPS in UAE

The issue I raised about trusts seems valid but a contract based scheme may be treated differently- Again, ask an accountant locally. Old Mutual, I think but don't hold me to it, do have an assurance vie product that would not upset the French taxman.

There is no chance the UK pension scheme will have transferred it so quickly, so call them on Monday and suggest it is put on hold till you have checked it out.

Old Mutual pay commission. Ask the adviser firm to confirm in writing and then raise it with Old Mutual.

Perhaps take a second opinion on this locally, it is your pension and perhaps it is worth a bit of your time.
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