Interest from overseas advisers
White also said The Qrops Bureau continued to receive an increasing number of enquiries in 2015 from UK based advisers requiring support in transacting international pensions business.
It had also seen expansion in two key areas over the last year or so, firstly in the overseas based adviser market and secondly in the provision of consultancy support to product providers, including the provision of due diligence on Qrops schemes, following the reiteration of HM Revenue & Custom’s requirement that members of transferring schemes (and their advisers) have a responsibility to ensure that a receiving scheme is and will continue to be a Qrops.
“Much of the interest from the overseas advisers is centred around finding a robust solution for any proposed transfers out of UK defined benefit schemes following the introduction of the new regulations in April 2015, which require any advice to transfer out of a UK defined benefit scheme to be given by a UK FCA regulated adviser with the appropriate qualifications and permissions,” he said.
Last March, Hansard International formed a strategic partnership with The Qrops Bureau in order to assist financial advisers using Qualifying Recognised Overseas Pensions Schemes.
