UK-based advisory firm Dominion Financial Management (DFM) has entered into an agreement with Europe-based fund solutions provider Altarius Group to create a regulated advice company.
The unnamed entity, which will be set up in Malta, will be authorised in the EU by the Malta Financial Services Authority (MFSA) to provide pensions and investment advice to UK expats that have retired to Europe.
DFM said the partnership came about due to the lack “of any reciprocal arrangements between the Financial Conduct Authority (FCA) and the EU regarding the previous passporting of financial services into the EU by UK”.
“As a result, advice firms like Dominion Financial Management must look to open up an office in the EU or develop arrangements with existing companies like Altarius to ensure clients based in the EU can continue to be properly serviced,” it added.
Jim Bell, managing director of DFM, said: “There are many similarities between the FCA and the MFSA rules and regulations which offer a good structure both to our firm in its operations and to our clients, in terms of security and compensation scheme.
“Our future collaboration will be totally separate from our UK business, but the new company will have our expertise along with that of Altarius to benefit those residing in the EU with pensions and investments left behind in the UK.”
