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

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

Email me

FACEBOOK

Please ‘like’ Financial Pages in Spain on Facebook

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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

FLIGHT DELAYS: EU 261 Compensation

Victory in the Courts means YOU can win more easily but.....

Caution: This is an EU scheme which may not be available after the year end

     * Airlines won't pay if they don't have to

     * If you have a claim to make - do it now!

     * If you get delayed before the year end - CLAIM

If you are not certain, this is how they used to be before EU 261

• At first they all denied responsibility

• Then Easyjet lost a Court case and Ryanair ‘considered’ an appeal but didn't!

• Finally  I got paid €400 compensation and took ages but YOURS will be much quicker and could be MORE € than mine

Regular Operators to Spain

Flight Delay Compensation

You should, in the first instance, contact the airline concerned

Airline links;

British Airways: Customer Compensation

Ryanair https://eu261claims.ryanair.com/

Easyjet  http://www.easyjet.com/en/help/at-the-airport/delay-and-cancellations

Jet2.Com Send booking details by email to customer.service@jet2.com

The process should be quick thanks to EU 261 

 Your entitlement should be settled very quickly, let me know if it isn't!

David Goodall

Financial Pages in Spain 

Facebook

Further Reading:

 Foreign Exchange – beating the banks

Moving to Spain?

Financial Pages in Spain – Readers’ Favourites

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

FACEBOOK

Please ‘like’ Financial Pages in Spain on Facebook

https://www.facebook.com/financialpagesinspain

Further Reading;

Scam Watch

Readers’ Favourites

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

Facebook

Additional reading:

Scam Watch

Readers’ Favourites

Hidden Costs & Charges