UPDATE: Scam Watch

BEWARE:
Cold calls encouraging a ‘Review’ of your pensions

The Financial Conduct Authority (FCA) in the UK started a TV advertising campaign about Scammers &'Free' Pension Reviews. Financial Pages in Spain advises that this is exactly how many scammers operate in Spain. The watch word is CAUTION

Be mindful that unregulated companies are cold-calling consumers to offer high-risk investment advice.

They are also sending emails, text messages and using online advertising. That was the warning in the UK but in Spain they also advertise in newspapers and it is often difficult to distinguish the regulated from the unregulated.

If you let me know, I can tell you if a company is NOT regulated. Just Email 

The aim of the 'review' is to encourage you to move money from an existing personal or occupational pension to a self-invested personal pension (SIPP) or a small self-administered scheme (SSAS).

The money is then typically invested in investments not regulated by the FCA, such as overseas property developments, forestry or storage units known as store pods.

Such investments can be enormously risky and can be difficult to sell and consumers could lose all the money they move, reducing what they have to live on in retirement.

And they also have less protection should anything go wrong and may not be able to complain to the Financial Ombudsman Service (FOS).  Again, also, the FOS does not cover advice in Spain.

The majority of companies offering the reviews are not authorised by the FCA, although some falsely claim they are acting on its behalf. Others claim to be working with the government following the Budget commitment in March to introduce a free advice service for people at retirement.

Please Note:

Financial Pages in Spain ONLY refers readers to regulated advisers. In fact I am more than happy to give you the FCA registration details of anyone I recommend. Feel free to email me to be recommended or I can check out an adviser you have concerns about. Email

Professionals

·         My doctor is qualified, works in a practice with other professionals and I trust him   without hesitation

·         The veterinary practice we take the dog to is qualified I even know where he     studied and that he is a specialist in small animal health

·         My solicitor who I have known for many years is qualified in both UK and Spain

·         I could go on but I’m sure you’ve got the message. For contact My Email

David Goodall
Financial Pages in Spain

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Financial Advisers MUST be Qualified

but BEWARE they often aren't!

DUE DILIGENCE ensures that the ADVISERS I RECOMMEND are able to deal with 2021 changed regulations

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

Protect your savings, pensions and investments

I’ve said before at ‘Financial Pages in Spain’ that I check out any adviser that I might recommend to a reader. It’s often known as ‘Due Diligence’ and I take it seriously.

Someone calling himself an ‘Adviser’ contacted me to see if we could ‘work together’. My first question was ‘Are you qualified?’ He said ‘No’, I replied we cannot work together then! His retort threw me for a minute but he said ’I don’t have to be, I work in Spain’. Well in 2021 YOU DO have to be! I said you must be Qualified to work with me. But this is why you must be so careful

Professionals

·         My doctor is qualified, works in a practice with other professionals and I trust him   without hesitation

·         The veterinary practice we take the dog to is qualified I even know where he     studied and that he is a specialist in small animal health

·         My solicitor who I have known for many years is qualified in both UK and Spain

·         I could go on but I’m sure you’ve got the message. For contact My Email

So, why would you trust your savings, pensions and investments to an unqualified ‘adviser’ just because they happen to be in Spain? I certainly won’t recommend such a person!

Due Diligence

What I am looking for before I will recommend anyone to you are the following;

• The adviser firm needs to be regulated by an EU regulator and hold professional indemnity insurance
• The individual adviser needs to be fully qualified. This qualification can be awarded by several examining bodies, so I check with the relevant body and ask for qualification certificates
• I also want to see that they are registered with the European Financial Planning Association and that they hold a membership certificate
• Next, I’m interested in their career history with the UK regulator and if they have a history on the Financial Conduct Authority (FCA) register. I can also see what permissions they held when actively advising in the UK, and this tells me what work they are experienced in and what specialist advice they can give. This is vital in any recommendation.
• The adviser needs to be authorised to give investment advice, not just to recommend “insurance” products – this is now a minimum requirement to be able to advise on Malta pension plans and UK SIPPs
• Finally, I check their advice process and what investment options they have to offer clients. I ask for specimen reports to check the advice offered in several important areas

This due diligence process is difficult for you, the consumer, to undertake so please get in touch. My Email

​David

P.S. I just came back from the gym where the instructors all proudly display their Qualification Certificates and Diplomas!

David Goodall

Financial Pages in Spain

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Further Reading;

Scam Watch

Readers’ Favourites

Hidden Costs & Charges