As reported in International Adviser a couple of weeks ago, the FCA ordered Holborn Assets Ltd to immediately cease all pension transfer business, especially transfers introduced by overseas advisers pending a section 55L investigation, where a a�?skilled persona�� will review the Dubai-based IFAa��s overseas pensions transfers. The order followed a similar sanction by the FCA against deVere UK in February to a�?immediately ceasea�? providing third party companies with transfer value analysis (TVAS) reports which are required for defined benefit (DB) pensions transfers over A?30,000.
Meanwhile,A�the UK governmenta��s shock decision to impose a 25% charge on transfers to foreign pension schemes, announced in the Spring Budget recently, is seen as a co-ordinated effort alongside the FCA to stem the flow of pensions moneyA�moving abroad.
There are still more non-UK firms who have set up businesses in the UK with the sole purpose of facilitating the transfer of pensions to their parent company. That’s what they are all in trouble for doing. In other words, asking a company connected with themselves to conduct feasibility review, instead of an independent company to do it, and hence these have not been a�?arma��s length transactionsa�?a��a��a��.
Have you had a�?advicea�? that you now need a second opinion on? If so, I will be happy to helpa��a��a��..