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

Please ‘like’ Financial Pages in Spain on Facebook

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For wealth & health Stay Safe

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

Email

Facebook

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

Email

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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

Hidden costs & charges

Are you paying for something you’re not receiving?

• Renewal commission

• ‘Trail’ commission

• Ongoing ‘adviser’ costs

Please note:

If you have an excellent Financial Adviser who not only did a great job for you in the first place but continues to give you service, this does not apply to you!

How closely do you look at statements you receive from your investment company or pension plan provider? Is there a charge for ongoing service by the adviser who set up the plan?

Do you receive a service from your adviser? Do you even remember who was the adviser?

Many people tell me that they don’t! So why are you paying? Well it’s in the fine print, in the Terms & Conditions which you signed. That doesn’t mean you can do nothing about it. If you don’t know if there’s a charge and receive no service you can still write to the company concerned and ask them to stop any payment from your account, plan or pension.

Financial Pages in Spain can also offer you a way out. You can ask for a review with a fully qualified, correctly regulated and professional adviser. Let us know your details, the details of your plan or policy plus the name & address of the investment company, insurance, QROPS or pension provider. If you have doubts just ask.

I hope that you have a good adviser, one you can trust and who gives you good service but I want to help you with the ones who don’t.

Just EMAIL if you have any queries

David Goodall

Financial Pages in Spain

Email

Facebook

Additional reading:

·        Unauthorised Advisers

·        Readers’ Favourites

·        Foreign Exchange – Beat the Bank

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

Also Recommended:

Qualified Financial Advisers

Readers’ Favourites

Newspaper Adverts

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

Facebook

Additional reading:

Scam Watch

Readers’ Favourites

Hidden Costs & Charges