Brexit has led to many unintended consequences surrounding financial services for UK expats living abroad. The main one being that most UK financial advisers will not now be able to advise or manage their client’s UK financial products such as pensions and investments whilst their clients are living in the EU. Now the latest hurdle UK financial advisers are facing is Professional Indemnity Insurance (PII), which will not extend to UK expats resident in the EU.
With passporting rights being a thing of the past, PII is not going to cover any of their EU-based clients and this means that both clients and their UK financial advisers are effectively in limbo. This lack of PII also stops cross border advice, however, this does not apply to Global firms with worldwide cover such as Blacktower.
Put simply, this means there should no longer be UK-based advisers with EU-based clients. So where does this leave you and who will service your plans and provide the right kind of protection? This might not be all bad news and could actually be good news, since French-compliant products are better for UK expats living in France, as they can offer significant savings with regards to income tax and inheritance tax.
You may currently have a non-French compliant investment contract such as an Investment Bond, for example, or a UK Stocks and Shares ISA. If a fund within these investments needs changing, or you wish to take income from your investment or UK Pension plan or make some other change, then you will potentially not be able to receive advice from your existing UK-based adviser. In addition, any changes would not be covered on their PII insurance.
This means now is the time for you to act and have your UK investments appraised and, where necessary, reinvested into French compliant investments covered by an effective Professional Indemnity Insurance policy. We can provide this to all UK Expats resident in France, Spain and across Europe. We offer French Compliant investment products and pensions and our clients benefit from good tax and succession planning, amongst other advantages.
You can rest assured that Blacktower is a truly Global leader in financial services and carries Professional Indemnity Insurance to cover and protect all of our clients.
Blacktower will be by your side both now and in the future, we are here to help you. To arrange a professional and impartial consultation please contact me by email [email protected] or call me on 06 38 86 99 70. Website: www.blacktowerfm.com
This article is based on the opinion of the financial adviser and author, and does not reflect the views of Blacktower. The above information is based on current legislation which is subject to change and does not constitute as investment advice, or investment research and you should seek advice from a professional adviser before embarking on any financial planning activity.
Blacktower Insurance Agents & Advisors Ltd is regulated in Cyprus by the Insurance Companies Control Service and registered with ORIAS in France. Blacktower Financial Management (Cyprus) Ltd is regulated in Cyprus by the Cyprus Securities & Exchange Commission and is registered with the AMF in France.
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