Professional Advice - Always Best

Regulated, Qualified and Professional Advice

If you need advice, please email me.

UPDATED APRIL 2020
'In these difficult times it's good to know that you can see an adviser with modern technology. After initial contact by email, phone and text, but only if necessary, it is possible to make video calls'

My own connections included the following professionals;

• Regulated financial advisers

There are many people and organisations who call themselves ‘financial advisers’ without any qualifications and no regulatory body. I will only recommended regulated and fully qualified advisers who’s services I have checked.

Value for money comes from open and clear commissions and charges declared in an honest way. Hidden charges and undeclared commissions should always be avoided. For a referral to a suitably qualified & regulated adviser, please email me.

Due Diligence is vital

• Suitably qualified accountants and professional lawyers

Both the Institute of Chartered Accountants and the Law Society have qualified professionals working in Spain. Whilst you may have a good local source for advice, the professional standing of these people cannot be denied. If you need a referral, please email me.

You are further protected as all qualified professionals will carry ‘Professional Indemnity Insurance’ (PI) just in case anything goes wrong.

Unless your situation is very complex, I would expect most professionals to give you an estimate of costs upfront.

• Chartered surveyors in Spain

Similarly, I can recommend UK qualified Surveyors. Please email me to be referred

• Estate Agents

This is an area of service which is by definition very local. You could already know of a local estate agent with a good local reputation. If this is not the case I can recommend you to a Member of the Association of International Property Professionals.

• Company formation for property ownership

This is a very specialised service and is often used to save on Spanish Inheritance Tax (ISD). There is a service on my blog under the heading ‘Check your Spanish Inheritance Tax Liability’ to the right of this article.

The service involves the formation of a UK company to own a property in Spain. It involves UK law for the formation of the company and Spanish contracts, translations and knowledge of Spanish law. For this reason, the company concerned has offices in both UK and Spain.

• Foreign Exchange

I set up La Torre Fx – Foreign Exchange with the specific objective of beating the banks. This is a service and it is worth checking out, with easy access on the right of the blog.

La Torre Fx – Foreign Exchange is linked to a highly professional ‘trading platform’ provided by FTT Global. All of the necessary regulations are in place;

Key Facts about FTT Global:

·        Registered in the United Kingdom - Company Number 5685288

·        Regulated by FCA - Registration Number 503228

·        Regulated by HMRC - Registration Number 12231114

·        Registered for Client Data Protection - ICO Number Z9470988

·        Underwritten by A Rated Insurer

·        Corporate Bankers - Barclays Bank PLC

·       Get the best rate today

If you email please let me know your question and where you live. I may be able to answer myself, just point you in the right direction or refer you to a suitably qualified person.

Please remember that my Blog is about unbiased, factual financial information. You can look elsewhere for information but remember that an advert will certainly be biased towards the company who paid for it. I have no problem with that but remember it’s biased!

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

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Newspaper Adverts

UK Misplaced, forgotten and lost Accounts

Please pass on to your family, friends and colleagues

UPDATE

                                 

• Pensions – company or personal 
• Insurance Policies
• Bank Accounts
• Building Society savings
• Premium Bonds
• Shares
• Inheritances

The major cause of people being parted from their accounts and other assets is CHANGE OF ADDRESS, this makes this a very important topic for EXPATS

A few straightforward checks can be extremely valuable

One of the most obvious sources of lost accounts is banks and building societies. For those of you who have moved, especially to another country, it is easy to forget an old account. If you have lost accounts or think you may have unclaimed assets, as long as you can identify yourself, you can reclaim your money.

Financial institutions have literally billions of pounds in unclaimed assets, waiting for their rightful owners to collect. Did you know that uncollected inheritances, in the UK, go to the HM Treasury?

If you have pensions you cannot trace, then a financial adviser may be able to help. Many companies have been taken over or merged and can be difficult to trace. I will recommend a regulated adviser if you email me. Finding a lost pension plan could be valuable but equally if it is said to be ‘trivial’ you may get the benefit in cash

The same is also true about life assurance. It’s amazing how many ‘household’ names of a few years ago no longer exist. You might even benefit from a deceased relative but you don’t know you’re a beneficiary and the Life Company doesn’t know you exist.

National Savings & Investments (NS&I) is a UK Government company which, amongst other things, runs Premium Bonds. They recently carried out a survey of people which found that the main reason for claims, after the event, was change of address. It’s easy to forget one or two items, when moving house or emigrating!

Just as it’s easy to forget, it’s also easy to trace & claim.

I can give you four sources where you can look, that I have checked;

There are more that I am aware of but most also have charges, including one below

• www.mylostaccount.org.uk

• www.unclaimedassets.co.uk

• www.findmylostpension.com

• www.uar.co.uk   (Try this last as there may be a charge)

What’s more you could be doing your family, friends and neighbours a great favour by passing on this information. You just never know……….

David Goodall

Financial Pages in Spain

Facebook

davidgoodall.spain@gmail.com

Additional Reading:

Readers’ Favourites

Financial Healthcheck

Getting a Highly Qualified second opinion

Many changes will take place from January 2021.

Financial Pages in Spain undertakes 'DUE DILIGENCE' to ensure that ALL financial advisers and their firms are correctly qualified, authorised and regulated  and have the necessary experience and knowledge.

APRIL 2020 UPDATE;
In these difficult times it's good to know that you can see an adviser with modern technology. After initial contact by email, phone and text, but only if necessary, it is possible to make video calls

Financial Pages in Spain is happy to provide this service, referring you to a qualified, regulated and independent financial adviser

I have been finding for sometime that many people come to me for a ‘second opinion’ For many differing reasons but they are unhappy with the advice they have been given and send me examples.

Rather than guesswork people also ask me to recommend Accountants, Lawyers, Surveyors and other professionals.

Some of the things people have said to me:

• ‘ It  looked like a mass produced report with just my name and personal details changed’

• ‘ They wanted an up front fee even to talk to me, funny they never mention that in their       adverts’

• ‘ I wasn’t convinced the advice was correct’

But they trust ‘Financial Pages in Spain’ and I am receiving comments which show a great deal of respect. I’ll try to help. Email me In return I refer readers of Financial Pages in Spain to advisers who pass a strict DUE DILIGENCE test. 

Can you help me to help you?

• Please send me both good and bad examples of reports you have received, from financial advisers, I’ll respect your privacy
• Tell me the names of Advisers who've given you bad advice
• If the fees, charges and commissions are hidden in a report and not openly disclosed, please send examples

This sort of information will help everyone and help eradicate some of the greedy practices.

I may not have intended it when I started out but it seems that Financial Pages in Spain is becoming the respected second opinion.

* * * * * * *

Whatever your query, please contact  Email me
 is on this link

David Goodall

Financial Pages in Spain

Email me

Further Reading from Financial Pages in Spain

Scam Watch

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Financial Healthcheck

UPDATE:

If someone referred you to an unqualified quack doctor you wouldn’t thank them for it, would you?

Well here’s a deal: I’ll never send you to an unqualified, unregulated financial adviser and I will check them out beforehand. Also, I promise you there will be NO upfront charges. My Email 

Background

The peak year for house purchases by UK & Irish citizens in Spain was 2006. Expanding equity in main residences fuelled the desire to buy second homes, many with the specific intention of retiring to Spain. Let’s call it living the dream!

Many emigrated with the specific intention of making Spain their permanent home. Why is this important? Many non-residents are also affected. Let’s look at what has changed since 2006

Major Changes

How many of you readers are affected by one or more of the following changes?

• Exchange rates

I made a comparison of mid February 2006 to 2019. Using a sum of £500, say a monthly income or pension the exchange rate reduced. €734 in 2006 became €560 in 2019.

• Interest rates

If you have savings or investments based on interest rates, you won’t need me to spell it out. Have you considered any alternatives? This would be a vital part a Financial Healthcheck with a fully qualified adviser. My Email

Interest rates that affect us are set by the European Central Bank and Bank of England and at present, low rates are likely to continue 

• Mortgages

If interest rates are low, this must be good for mortgages, so you would think. However, there are two factors which cloud this issue;

• Because of past mistakes, which lead to bank closures, it can difficult to get a mortgage.
• Many people, especially those who borrowed high percentages often can’t get out of deals they made in earlier years. If you are paying more than 2.25% you definitely need a review

The mortgage market has changed substantially in the 13 years since 2006. If you need help with getting a mortgage I can put you in touch with a major company who have been successful in the past  My Email

•  UK Pension Schemes

If you have emigrated or plan to, then it helps to know and understand your existing scheme. The rules which are ‘set in stone’ in the UK may be very different if you seek a transfer. This often surrounds retirement age. There have been many changes in the past few years with new ones planned.

One of the values of a Financial Healthcheck is for the adviser to understand and tell you exactly what you have now and to compare with the alternatives. The Financial Conduct Authority (FCA) is very strict about pension transfers. You should fully understand your rights & options. To help this, I only ever recommend QUALIFIED and fully INDEPENDENT financial advisers.My Email

• QROPS and other OPTIONS

The concept of QROPS became available in 2006 but did not really have a market until 2008. Along the way, there have been many  major changes and 11 year old schemes are hardly recognisable today and almost CERTAINLY need reviewing by a PENSIONS SPECIALIST.

In 2019, whilst QROPS suit many expats, International SIPP's are often a very realistic option. Unless your adviser considers ALL OPTIONS then you have NOT received best advice.

Remember QROPS or SIPP's are a UK pension transfer and NEED regulated specialist advice plus a comparison with alternative options. Ask me for a referral My Email

•    UK & Spanish Inheritance Tax

This subject is so complex that it cannot be dealt with in a paragraph.

The headline topic for me is that Spanish ISD is levied on the death of the first spouse or partner. It’s bad enough becoming a widow(er) without having to pay a tax too! This can be avoided by careful planning. I will put you in touch with a suitably qualified adviser My Email

It’s also important to understand the difference between residency and domicile which affects these two taxes in a major way.

One factor which affects most UK expats and property owners in Spain, unlike other taxes there is NO double taxation agreement between UK & Spain on Inheritance Tax, because the taxes are so different

•  Spanish compliant Investment Bonds

If you have had an investment bond for more than five years it definitely needs a review. In recent times the charging structures have been reduced and you maybe losing a benefit. As I only recommend Qualified and Regulated advisers you can seek best advice. I addition, there are many companies offering Investment Bonds so it is important that the advisers I recommend are Independent too.My Email

This is just a sample! When did you last review your finances? Can you get better arrangements? Can you save money? Can you cut your tax bill?

Whatever your objective, you can get help. A Financial Healthcheck, without obligation and no upfront fees can be arranged with a regulated, qualified & independent financial adviser. If the advice involves a pension transfer, a specialist consultant will check your suitability.

YOUR Financial Healthcheck

Please send me a few outline details, so that I can source the right adviser for you. In particular, the subject(s) you want to discuss, age(s), your concerns and the area where you live. It will also help if you can give a contact number and the best time(s) to call. My Email

After checking out where you stand, with peace of mind you can get back to living the dream!

Further Reading

More detailed information can also be accessed from Financial Pages in Spain;

Scam Watch

Readers’ Favourites

La Torre Fx – Foreign Exchange

Please feel free to My Email on any aspect of financial information, UK or Spain

​David

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

Malta-based PENSIONS - something VERY IMPORTANT has CHANGED

PENSIONS including SIPP's and QROPS

You will need suitably QUALIFIED and fully INDEPENDENT financial advice with the correct AUTHORISATION

You will definitely need professional advice with regular reviews. Contact My Email

 What has changed?

The changes are quite extensive and qualified advice is needed to see how it affects you. The headlines of the changes are as follows;

1. Investment Restrictions

2. Revised Member Disclosure requirements
 
    * Cost and commission disclosure
    * On-going investment fee disclosures

3. Introduction of Members 'right to cancel'

4. Licensing requirements & changes to 'Terms of Business'

    * Especially distinguishing between European and Non-European 'Advisers'

5. Introduction of 'Professional Member' classification

6. Revision of QROPS payment rules



Complex? Confusing? Did your adviser tell you?

I could give you more detail but much of this is very technical. One thing which is for sure is that all Malta-based Pensions are affected!

How can I help you?

Send me a few outline details about your Malta Pension, together with your email address or contact number and I will get a suitably Qualified and Independent financial adviser to contact you, without obligation.

My Email

IMPORTANT: Your financial adviser MUST be;

• Suitably QUALIFIED
• REGULATED by the correct authority
• EXPERIENCED with an appropriate record of achievement in the UK

DUE DILIGENCE needed as this article shows;

Qualified Financial Advisers

David Goodall

Financial Pages in Spain

Email me

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Further Reading;

Scam Watch

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Hidden Costs & Charges

The Finance Tour? Workshops? Seminars? BUT who's giving the Financial Advice?

Thinking of attending one? Did you think they were independent? Are the advisers qualified?

Please consider this BEFORE you attend

Important

Any of you who have read my previous blogs will know how passionate I am about the importance that Expats take advice from a suitably qualified, experienced and regulated, independent financial adviser.

Believe all Adverts?

So, when I saw the publicity for this  – The Finance Tour is the only truly independent investment and pensions seminar in Spain Really? I thought to myself, “this is something I should look at”. If 3 high profile product providers have come together to participate in an independent tour, this is something I must comment upon.

However, from my many years working in the UK, I know that product providers will never endorse one adviser over another, irrespective of how qualified or experienced an adviser might be.

I decided to investigate further. All 3 providers told me that they would never knowingly endorse one adviser. It's not in their interests!

Someone has gone to great lengths to make consumers believe that 3 product providers have come together to offer their expertise to British Expats in Spain, and to help them, they have invited one “Adviser” firm, chosen from the many that operate in that area. This gives the false impression that the 3 product providers are in some way endorsing that particular firm above all others. THEY DO NOT!

Due Diligence

Now, all the above might be fine if the adviser firm in question could pass my due diligence process but they don't!

As you may know, I am able to help Expats to find an adviser who is suitably qualified to advise them. I have a strict due diligence process and I would never send a consumer to an adviser until they pass my test.

I have carried out my due diligence on the advisers working for the firm in question and they are not a firm that I would be able to refer my readers to for advice.

'Financial Pages in Spain' averages over 13,000 readers per month

David Goodall

Financial Pages in Spain

Email

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Additional reading:

Scam Watch

Readers’ Favourites

Hidden Costs & Charges