READERS' FAVOURITES

2021 - A YEAR OF MANY CHANGES

You've always needed PROFESSIONAL help, now it's vital

The year of the professional

‘Financial Pages in Spain’ provides information for English - speaking expats and Spanish property owners. Many changes are happening and have happened since the beginning of 2021 and it is ESSENTIAL that you only receive FINANCIAL ADVICE from suitably QUALIFIED and REGULATED individuals and firms. 

If you have ANY doubts, please ask EMAIL

Stay Safe

We live in difficult times and although face to face advice is not always available, modern technology allows the advice process to continue. I can still refer the readers of 'Financial Pages in Spain' to a suitably QUALIFIED and correctly REGULATED Financial Adviser.

The most popular posts over the last month were;

    

               UK Pension Transfers, QROPS & ALTERNATIVES

                           Hidden Costs & Charges

              Getting Best Advice  

                    Foreign Exchange beating the banks   

                     Misplaced & Lost UK Assets- £ Billions

Make sure you get good advice from an Independent, Regulated and Qualified financial adviser. I can introduce you to a suitable adviser who has passed my 'DUE DILIGENCE' test, please ask  EMAIL

1. UK PENSION TRANSFERS

QROPS and Other Alternatives

If your adviser doesn't consider alternatives to QROPS the you have the WRONG adviser! A bold statement but very true taking into account the changes in 2021. Then of course looking at ALL of your options is in your interests. You make the best decision for you

         UK Pension Transfers

2. FOREIGN EXCHANGE

Money Transfers – Beating the bank

Money Transfer - ONLINE, at the time YOU need it Even though personal movement is difficult, you still may need MONEY TRANSFERS. Please give this excellent service a try.

The post is OFTEN the most popular post in the month. With current foreign exchange rates very volatile and record lows of sterling, this is a GREAT PLACE to make a comparison and to By-Pass YOUR bank.

This excellent service, with rates to beat the banks and high quality customer service, by linking to the very best Foreign Exchange Platform – Currency UK Global. The service offers great rates on all major currencies

        Money Transfers – Foreign Exchange

3. GETTING BEST ADVICE

Qualified, Regulated and Experienced advice

It would be impossible on ONE page to list all of the changes brought about by UK leaving the Single Market and Customs Union These are just a few of the subjects where there are significant changes;

* Your relationship with you bank

* Your UK pension

* Your UK savings plans

* The regulations & qualifications your adviser MUST hold 

* Plus many more

I guarantee to refer you only to the correctly regulated, have UK and Spanish experience and hold the qualifications needed.

        
      Best Advice

4. HIDDEN COSTS & CHARGES

It’s worth checking if you are paying TOO MUCH for charges attached to financial & pension products.

However, if you have a personal financial adviser, who constantly gives ongoing good service, they will explain and deserve payment. But please make sure there are no charges deducted where no service is given and especially if they were NOT DISCLOSED

·         Hidden Charges

5. MISPLACED, FORGOTTEN & LOST ACCOUNTS

There are £ Billions awaiting rightful owners in the UK

The most common reason for mislaying assets is change of address. That of course will apply to the vast majority of expats.  It only takes about 5 or 10 minutes to check and even the most careful can find misplaced funds!

There are many different types of funds you might find, including shares, pensions, National Savings inc Premium Bonds, bank accounts, Building Society savings and much more. Please check the links in my post

·         Lost accounts

If I can help, I gladly will – Financial Pages in Spain is an INFORMATION site with NO ADVERTS

​David 

David Goodall

My Email

Financial Pages in Spain

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For wealth & health Stay Safe

UK Pension Transfers including QROPS

UPDATE:

This article is about UK Pension Transfers and NOT JUST QROPS.

So many changes have taken place, not just through BREXIT but for many other reasons too. One thing I must bring to your attention immediately:

If you were only offered QROPS and no alternatives, you have the WRONG ADVISER!

What are your future plans?                          Where are your pension funds?

When do you need income?                           What are your family circumstances?

What type of pension do you have?              Is this best for you?

Plus many other questions the adviser will discuss with you, must be discussed before a recommendation is made and you make the decision BEST FOR YOU. Always feel free to ask YOUR questions too.

QROPS may be best for you, but equally, it MAY NOT

This is one of my recent blogs which warns about getting misled by newspaper adverts:

  As it appeared on Twitter     

 DON'T BE MISLED Financial Pages in Spain: http://ow.ly/NLbm30rp9f3 Newspaper 'articles'             which are really ADVERTS #financial #pensions #Spain BEWARE Misleading & biased                     'information'

2021 Brings many changes

I am recommending readers of Financial Pages in Spain to get ADVANCED qualified advice and CAN and WILL recommend the RIGHT adviser.  EMail me to get the appropriate advice, on a personal basis.

I guarantee that you will be given only REGULATED advice, from an adviser with the CORRECT pension qualifications and very importantly, lots of experience IN SPAIN, if you contact me. Brief details by email are the best starting point, there is NO OBLIGATION and a guarantee of no up front charges.

There is lots more information before you can make up your mind and your questions WILL BE ANSWERED. Now is time to 'start the ball rolling'. REMEMBER, YOU have choices

 

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com

P.S. If your adviser doesn't consider alternatives to QROPS the you have the WRONG adviser!

Further Reading

Scam Watch Just say NO to cold calls

Professional Advice Always best

Foreign Exchange beating the banks on bank transfers!

BEWARE: Newspaper articles may NOT always be what they seem

UPDATE:

The advertiser writes the article, not a journalist, the content is then just a one company advertisement! 

Be careful, it's easy to be DELIBERATELY confused

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 Newspaper articles and adverts?

The content is unbiased  and there to inform you? It is NOT!

A diligent reader of 'Financial Pages in Spain' sent me an example where newspaper content merges with an advert. As if that was not deliberately confusing enough, the content was biased and potentially dangerous. The UK outlawed investment advice from unqualified advisers many years ago. Indeed they increased the qualifications necessary to give advice! Remember that that's not just pure investment but the investment within a pension too

In addition, the writer's description of an Independent vs Restricted adviser was wrong! This means his knowledge of the financial services industry in which he works, is not very good.

Unqualified advisers constructing investment portfolios is dangerous and very risky for the client involved. The answer is Due Diligence to ensure you only get Qualified Advice

Due Diligence

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.

In respect of the advert I was shown, I have carried out my due diligence on the advisers working for the firm and they are not a company that I would be able to refer my readers to for advice.

Other Experiences

I can write from both working in the financial services industry and many years experience in Spain. I know of many other examples that lead me to believe that this is rife in other businesses and is not limited to Spain. Social media as well as newspapers and magazines place the same type of 'adverts' disguised as comment or content. Maybe Governments do this too?

Conclusion 

You need to be very cautious of the firms, companies or individuals with whom you deal and take the utmost care

David Goodall

Financial Pages in Spain

Read every month by 13,000 Brits in Spain

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Additional reading:

Qualified Financial Advisers

Readers’ Favourites

Hidden Costs & Charges

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

Tax avoidance and Tax evasion 2019 Update

Written in June 2019, sometimes interesting to look back!

These subjects have been made relevant from Spanish and UK Budgets in the past decade where  part of the Governments’ increased revenue will come from tackling Tax Avoidance and Tax Evasion. One of the problems I have with the subject is that in speeches politicians often confuse tax avoidance with tax evasion. This matters because Tax Evasion is already illegal. Closing down Tax Avoidance is in the hands of Parliamentarians to change. One way to do this would be to accept Anti Tax Avoidance Directive EU 2016/1164 which has five legally-binding anti-abuse measures and all Member States should apply against common forms of aggressive tax planning. 

Leaving the EU has definitely favoured the UK's billionaires and fellow travellers!

The five anti-abuse measures are;

Controlled foreign company (CFC) rule:  to deter profit shifting to a low/no tax country.
Switchover rule: to prevent double non-taxation of certain income
Exit taxation: to prevent companies from avoiding tax when re-locating assets.
Interest limitation: to discourage artificial debt arrangements designed to minimise taxes.
General anti-abuse rule: to counteract aggressive tax planning when other rules don’t apply.

IMPORTANT;

• Avoidance and evasion are not the same
• Downright favouring the wealthy is a political decision
• Tax avoidance in many cases is legal BUT over aggressive tax 'planning' CAN affect both the EU internal market and tax liabilities e.g. Profit 'shifting' 
• Tax evasion is illegal but needs effective and efficient COLLECTION systems

       

Tax Evasion – Definition

Unlawful attempt to minimise tax liability through fraudulent techniques to circumvent or frustrate tax laws, such as deliberate under-statement of taxable income or wilful non-payment of due taxes.

Whereas tax evasion is an offense (punishable by both civil and criminal penalties), tax avoidance is not.

Whatever politicians or the newspapers say there are no extra legal powers needed to stop Tax Evasion – it is illegal. Though HMRC in the UK and La Hacienda in Spain have to do MORE to stop it and COLLECT the tax.

If you need advice or have a query please email me

Examples of Tax Evasion

• Being resident in Spain but not declaring income to the tax authorities the extent of which is now coming to light
• Not declaring income from property letting
• Spanish resident having an Individual Savings Account in the UK and tax free interest
• Not declaring gross paid interest on offshore accounts
• Wilful refusal to pay tax

Tax Avoidance – Definition

Lawful minimisation of tax liability through sound and currently legal financial planning. Parliament could stop this

I am quite happy to answer any queries you may have but I will refer you to an adviser for authorised and regulated advice, if you email me

Examples of Tax Avoidance

• Pension schemes are legitimate and avoid tax but contributions and benefits have to be within HMRC rules and importantly, limits.
• UK residents having an Individual Savings Account
• QROPS for UK non-residents or intending non-residents
• The legitimate use of offshore trusts to hold assets but not if covered by EU 2016/1164
• The establishment of Trusts or Foundations for charitable purpose

Most Tax Avoidance in the EU is legitimate, subject to EU 2016/1164!  

• In the UK there was an ‘industry’ which looks for ways of creating Tax Avoidance. It is up to the Government and especially HMRC to make sure that the tax rules and laws are not circumvented. It is also possible in the UK to negotiate a deal with the Government or HMRC. This, of course, favours the super wealthy!

* * * * * * *

You can write to me with your personal experiences, ask me a question or to be put in touch with one of my recommended adviser by sending me an email

Linked with this post are two recent articles from my Blog;

Qualified, Regulated and Independent Financial Advice
http://expatsfrombritain.blogspot.com/2019/05/financial-advisers-must-be-qualified.html

Interesting, even in 2021?

Tell me your experiences, write to me by email

David Goodall

Financial Pages in Spain

Email: davidgoodall.spain@gmail.com