UK. Tougher overseas pension regulations to impact advisers
Advisers must ensure they can still fully service new or existing clients who have transferred their UK pension into an overseas pension scheme following new rule changes, deVere Group has warned.
This summer, the Malta Financial Services Authority (MFSA) is implementing new rules which will impact the way in which Pension Trustees administer both new scheme applications and existing members on a number of levels.
There are estimated to be about 30,000 UK pensions already transferred into Malta-based Qualifying Recognised Overseas Pension Schemes (QROPS).
Under the tougher new regulations, which enhance client protections, it is no longer enough for the financial adviser to only be licensed – the license must also allow the adviser to provide investment advice to the member.
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