Pensions Scams

[johnjonesnine]

The Pensions Regulator in the UK has published useful advice on how to avoid pension scams:
Pension scams | pension loans & transfers | The Pensions Regulator (http://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx)

The advice is as applicable to expats as to those living in the UK .

In particular, if you are British, take note of Point 3, and deal only with a Financial Conduct Authority approved advisor. You will be dealing with someone who is supervised, has appropriate qualifications, and you will have the benefit of a compensation scheme if things go wrong. None of these benefits apply to the local "advisers".

[Colonel Klink]

JJ9,
Thanks for this note. I was about to transfer to a QROPS scheme using a non-FCA advisor, but having checked your link I am now going elsewhere. Great advice, thanks!!!!

[johnjonesnine]

Hi Colonel Klink


The evaluation of whether or not a QROPS is suitable for you is a very complicated matter, and in my opinion QROPS are not suitable for the vast majority of expats.


They do however generate generous commissions, which is why some local advisers are so keen on them.


JJ

[helen-damnation]

and in my opinion QROPS

written by an FCA advisor??????

[johnjonesnine]

Hi Helen-damnation (great name btw)


I am not authorized nor qualified to give financial advice in any jurisdiction.


I am a financial professional, but working in a completely different field. I am financially literate (or at least I flatter myself to think so) and I can deconstruct most financial products to identify the true costs, risks and benefits. Most of the information needed to do this is in the public domain.


I do have opinions, and strong opinions, when it comes to the unqualified, unregulated and often unscrupulous financial advisers who prey upon Expats.