QROPS advisers get ready to police offshore pensions

An international group of QROPS pension specialists are collaborating on guidelines for giving customers best advice.

The guide is the latest in a flurry of codes of practice for advisers and providers.

Guernsey QROPS advisers were first out of the blocks by publishing a guide at the end of March.

Recently, New Zealand QROPS experts announced they were putting together a code of practice and seminars for advisers that they hope to publish later in the year.

Advisers involved in drawing up the global guidance want to give pension investors more confidence in the advice they receive and to give independent financial advisors a QROPS advice road map.

QROPS offshore pensions are regulated by HM Revenue and Customs, with more than 2,000 registered schemes available from hundreds of providers in around 50 countries.

Many industry professionals want to act to expel poor advisers who they feel give unsuitable advice to some clients in return for charging sky-high fees.

Pension advisers in New Zealand, Australia, Hong Kong and Canada are believed to be working on the project.

Meanwhile, pension savers considering a QROPS transfer are urged to check out their advisers before committing to any transfer.

Anyone who does not match these criteria should be avoided:

  • Work for a regulated firm
  • Give whole-of-market advice, and not restricted product information for a single provider or jurisdiction
  • Have access to professional tax and investment advisers
  • Has a background of successfully completed QROPS transfers

Anyone needing help should feel free to contact QROPS.net, an established and reputable international financial firm specialising in QROPS pension advice.

Our experienced and professional advisers have a track record of successful QROPS transfers.

As a whole-of-the-market firm, QROPS.net can select a QROPS pension tailored to your personal financial circumstances.

For more information, call QROPS.net on +44 (0) 203 111 9785 or info@qrops.net