The UK has one of the most complicated pension regimes in the world, and when a client comes along who has pension arrangements in different countries at various stages in his or her life the complexity of what to do becomes even greater.
It is not therefore surprising that the international pension transfer market is now coming under ever heavier scrutiny, with the UK’s Financial Conduct Authority (FCA) taking a close look at firms under its jurisdiction which are doing this type of business.
There is talk that the FCA will be undertaking a thematic review of defined benefit scheme transfers later this year, or perhaps a consultation paper, as the reported number of such transfers is very much on the rise.
That’s why this challenging area of financial planning needs thorough review by financial advisers in the international markets outside of the UK as well, because some of the lighter touch jurisdictions are going to have to turn their attention to the quality of advice in this area.
The regulators are increasingly talking to each other around the world and the catch-up process to bring those up to tier one status is accelerating.
See our news coverage of this important area in the March issue of International Adviser magazine.
On a different note, as we move into the third month of another fascinating year for the financial services industry, we are delighted to announce details of International Adviser’s Best Practice Adviser awards 2017.
Do go to our newly launched awards website to get lots of the insights you need to understand about the award categories, which we are making some changes to this year, plus some high profile new judges and even wider global coverage.
