A financial adviser has called for the Financial Conduct Authority (FCA) and Financial Ombudsman Service (FOS) to improve overseas guidance and has highlighted how ensuring a client is happily settled in the country of choice adds to the complexity of qualifying recognised overseas pension scheme (QROPS) transfers.
Speaking to PA, Montfort managing director Geraint Davies argued that there needs to be greater clarity around settled status, and when QROPS becomes a valid solution for a client. Davies has been in contact with Conservative MP for Godalming and Ash Jeremy Hunt's team to improve standards and disclaimers. A meeting between Davies and Hunt took place on 6 October. "We have been firing shots in different directions," Davies said. "QROPS are complex – what is even more complex is ensuring that the solution fits the situation." "The big question is suitability – when is it safe to say...
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