Launched in August 2016 by Nigel Watson, formerly of VAM Funds, and Bryan Low, founder of Acuity Consultants, Provisca was founded to provide an exclusive range of products to international IFAs.
Watson, Provisca’s sales director, said: “Following great success in the highly regulated UK market, we are now working together with The QROPS Bureau to bring its services to advisers outside of the UK.
“The core service is the suitability report service, which provides the adviser with a comprehensive report confirming the client’s circumstances and objectives, detailing the planning considerations and recommending the most suitable [recognised overseas pension scheme] jurisdiction and a suitable provider from The QROPS Bureau panel.”
UK style
Based in the Isle of Man, The QROPS Bureau was established in 2009 to provide a specialist support service to UK advisers with clients requiring Rops, Qnups and international pensions solutions.
The service offers advisers an independent alternative to obtaining technical support directly from the pension providers, at a competitive fixed fee which can be incorporated into the advice fee.
This was originally designed for the UK adviser market, where the FCA regulations require advisers to follow a selection process when recommending the most suitable solution for their clients.
The QROPS Bureau panel includes providers in all of the major jurisdictions.
The firm can supply a due diligence pack in respect of the recommended QROPS provider, having carried out thorough due diligence on all of the providers on its panel.
The comprehensive independent due diligence pack can accompany the suitability report at a small additional cost.
David White, partner at The QROPS Bureau, said: “Our focus is on helping advisers transact international pensions business in a responsible and compliant manner and our services are tried, tested and recommended by UK advisers. In addition to our report services, we offer a unique transfer desk facility that liaises with UK pension providers on an adviser’s behalf, in the same time zone.
“The process of transferring out of UK pension schemes is becoming more difficult and the increased regulation being put in place to protect pension scheme members can sometime make it difficult to transfer out even when it is in the client’s best interest.
“The QROPS Bureau is experienced in this type of work and we are already well connected with a number of UK pension schemes.”
Value add
Low, Provisca’s marketing director, added: “In addition to increasing product choice by bringing major brands into the international market, Provisca is keen to introduce services that help adviser firms write high quality, long term business in a world where reducing the risks of regulatory non-compliance is paramount.
“The QROPS Bureau’s range of services have a great fit with Provisca’s values and can add real value to any international adviser firm.”
