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Advice re QROPS in UAE

Advice re QROPS in UAE

Old Aug 8th 2015, 5:03 pm
  #46  
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Default Re: Advice re QROPS in UAE

It might be ok but I'm in a panic now. I've emailed the complaints departments of my pension holders in the hope that it'll get to them quickly and I'll call them first thing on Monday but I'm worried it will be too late already. He did say it would take a few weeks to process but can I get out of it now when I've already signed the paperwork? I'm really worried after reading all this stuff about this companu's advisors not really being independant, qualified or ethical.

I've also emailed him, his office, his client relations department (email address given for complaints) and the email addresses given in the brochures for further information about the products, telling them all I am seriously concerned about the advice I have been given and that I want to stop this arrangement going ahead immediately. Can't think of anything else I can do now, until Monday morning.
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Old Aug 8th 2015, 10:11 pm
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Default Re: Advice re QROPS in UAE

I sent him an SMS asking him to confirm that the transfer will be cancelled and that there will be no cancellation fees. He replied that of course he confirmed. I asked him to confirm via email and for his office to send it in writing. He replied to my earlier email that he confirmed that it will be one hundred per cent cancelled. I've asked him to confirm that there will be no cancellation fees but have had no reply. I've emailed him again saying sorry to interrupt your holiday but I am really worried and need this confirmation. No reply so far. Still could be genuine but I'm still worried. I'll feel a twit if he comes back and goes over it all with me and it turns out to be genuine but I still feel sick at the moment.
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Old Aug 9th 2015, 8:08 am
  #48  
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Default Re: Advice re QROPS in UAE

It does take quite some time for a transfer to happen, so I think there will not be an issue. There cannot be any fees taken if the pension is not transferred. However, any suggestions on a forum like this are just suggestions. Try and get a second opinion locally from a suitably qualified adviser.
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Old Aug 9th 2015, 9:38 am
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Default Re: Advice re QROPS in UAE

So it's not possible for me to sign the paperwork on Thursday and for my funds to be already gone then? He's now replied saying no cancellation fees.
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Old Aug 9th 2015, 9:41 am
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Default Re: Advice re QROPS in UAE

Originally Posted by Debra186 View Post
So it's not possible for me to sign the paperwork on Thursday and for my funds to be already gone then? He's now replied saying no cancellation fees.
The paperwork would need to be processed and it can take weeks, plus a cheque is usually issued- which if by some miracle had been written on Friday- could be stopped. I am sure it will be fine.
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Old Aug 9th 2015, 10:02 am
  #51  
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Default Re: Advice re QROPS in UAE

Originally Posted by Debra186 View Post
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......
WOW! You have definitely been lied to. The salesperson (I won't call them an adviser) will be earning up to 8% on the amount of money invested and that is coming straight out of the amount transferred. YOU are paying this.

The structure may not be so bad but there is no need to take that much commission from people. Advisers should earn money for their work - if they do it properly - but not if they lie and rip people off. Questionable if a QROPS is right for you as a European resident as frequently a SIPP suits people better. Without knowing all about your situation it's impossible to say.

Whatever you decide, you need to take advice from someone who actually has your interests at heart, not someone who only cares about their commission.

Get on to both the salesperson and your original pension company and tell them not to proceed until you give further confirmation. The pension company won't have made the transfer yet so you have time.
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Old Aug 9th 2015, 12:12 pm
  #52  
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Default Re: Advice re QROPS in UAE

He's said he'll stop it and there will be no cancellation charges but I'm just really worried the transfer has happened already. Meow I've sent you a PM.
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Old Aug 9th 2015, 12:59 pm
  #53  
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Default Re: Advice re QROPS in UAE

This is a rather timely article from the Telegraph today.

Exposed: the rip-off investment 'advisers’ who cost British expats billions - Telegraph
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Old Aug 9th 2015, 1:28 pm
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Default Re: Advice re QROPS in UAE

Great. Hopefully I've found out in time.
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Old Aug 9th 2015, 2:52 pm
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Default Re: Advice re QROPS in UAE

He contacted me because I did the 'expat free pension review' enquiry that is linked on the top of the page on this site. If I manage to get out of this one and haven't lost either the whole of my pension fund or a large chunk of it, how on earth do I know who is an actual independant advisor? My old UK advisor had retired and his successor says he's not allowed to work for me now I'm abroad.

Norm I've PM'd you.
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Old Aug 10th 2015, 10:16 am
  #56  
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Default Re: Advice re QROPS in UAE

Phew, all cancelled. I've confirmed too that the advice he gave me was bad for me personally, incorrect in some respects and misleading in others. I've found out so much bad info about this company this weekend I'll be steering clear of them from now on and I recommend everyone else to do the same.

Thanks for your help, folks.
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Old Aug 18th 2015, 6:45 am
  #57  
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Default Re: Advice re QROPS in UAE

After having come across a rep from the largest of these spiv organisations it surprises me they haven't been more thoroughly exposed in the UK press.
No wonder they employ teams of lawyers.
Perhaps this could be why?
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Old Aug 18th 2015, 12:53 pm
  #58  
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Default Re: Advice re QROPS in UAE

Originally Posted by shiraz1 View Post
After having come across a rep from the largest of these spiv organisations it surprises me they haven't been more thoroughly exposed in the UK press.
No wonder they employ teams of lawyers.
Perhaps this could be why?
There have been a few pieces in various non UK publications and there has also been a fake website and Twitter account set up which looked identical. It told the truth but I think they have since been taken down after legal involvement.

Says a lot when so-called advisers employ full time lawyers and even more when one of those lawyers is barred from working on law in the UK.

Last edited by Meow; Aug 18th 2015 at 12:58 pm.
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Old Aug 26th 2015, 11:34 am
  #59  
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Default Re: Advice re QROPS in UAE

Sadly I notice that BE has banner ads promoting dodgy pension advice.
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