DeVere’s Nigel Green to review Qrops unit in group restructure

Added 14th March 2017

DeVere Group chief executive Nigel Green has launched a strategic review of the company’s business which will factor in the surprise Spring Budget announcement of a 25% overseas pension transfer charge on Qrops plans in some markets and particular circumstances.

DeVere’s Nigel Green to review Qrops unit in group restructure

“We have recently embarked on a strategic review of not only our corporate structures but also our operating units,” he said. 

“The recent Qrops announcements from the UK will form part of this analysis in the more immediate future.”

According to a number of media reports, Green said he was extremely disappointing that the government “sees Britons’ pensions as low-hanging fruit they can raid whenever they deem it appropriate”.

“It seems to forget that it is an individual’s right to transfer their asset to any jurisdiction they see fit and, as such, people should not be penalised should they choose to move it outside the UK for legitimate financial planning reasons.”

On 3 February, according to a statement on the Financial Conduct Authority’s website, deVere UK was ordered to "immediately cease" providing third party companies with transfer value analysis (TVAS) reports or other similar reports of information "designed to assist third parties companies in transferring customers DB pensions to an alternative arrangement".

A deVere spokesperson said the company had “entered into a voluntary requirement to cease providing advice in this arena” and is working “alongside the FCA’s appointed independent body through the section 166”.

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Voluntary?

Voluntary? This wasn't voluntary for deVere to stop providing 'advice', this was an order from the FCA

Posted by: GR, 14 Mar 2017

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Mark Battersby

Editor, International Adviser

International Adviser

Mark Battersby is editor of International Adviser. He is also programme director for International Adviser events in strategic expat locations around the world, and its flagship FundLinks conference in London. Mark joined Last Word Media in February 2012, having previously worked at Citywire, Interactive Investor International, and FT Business.

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