Expat UK Financial Advice Countries Update

Financial Advice If You Live Outside UK

We are a UK registered business, authorised and regulated by the Financial Conduct Authority in the United Kingdom.  We are fully insured for advice that we give from the UK to clients all over the world.   That said, we are not authorised outside the United Kingdom and as such, new products and services are usually only available for UK residents.  We are also no longer authorised in the European Union under financial services ‘passporting’ rules given Brexit.

That said, there are many British Expats and Foreign Nationals living all over the world that have existing pensions, investments, financial or tax interests in the UK.  Your local adviser, where you live, is unlikely to be authorised in the UK meaning they cannot advise on your existing UK interests and likewise, we are not authorised to give advice on new pensions and investments where you live.

European Union/European Economic Area (EU/EEA) Residents and Brexit

The Brexit Trade Agreement did not include financial services passporting although it was supposed to.   Negotiations are ongoing with regard to ‘Equivalency’ on financial services with 5 X Memorandums of Understanding (MOUs) agreed in January 2021.  MOUs are essentially ‘agreements to reach an agreement’ only.  One of the MOU’s between UK and EU regulators confirms that they are working towards ‘delegated authority’ where if an EU resident has a UK pension/investment, then respective EU advisers are not authorised to advice on unless they have set up a UK branch with FCA authorisation in UK and therefore advice will need to be delivered by a UK authorised IFA.  This is where EU regulators delegate their authority to the UK FCA to oversee and regulate the advice on a UK pension/investment.

Given the ‘state of flux’ we are all in as negotiations continue, technically, we are no longer authorised in EU (for the time being).  Fish, wine, cheese and cars are no problem, but finance is a ‘no’ at present.  We do not ‘solicit’ or promote services to EU residents, but we will accept ‘Reverse Solicitation’ i.e.  you approach us to help you with existing UK taxes, investments or pensions only.  We will not advise on or arrange 'new money' investments for you, but we will advise on existing UK arrangements that are then actioned/transferred/amended within the UK.  Given this, and until an agreement is reached on Equivalency and Delegated Authority, we will offer the technical advice from the UK on your UK pensions, investments, and tax with our requirement that you also take advice locally in the EU to oversee any actions at 'your end' to ensure tax compliance and reporting requirements with EU authorities.  You should also be aware that there are even greater restrictions for residents of France.  No Fishing Rights = No Finance in France, although they are softening their position to that of other EU authorities where things appear to continue as they were with EU regulators happy that the FCA oversees any UK advice on existing UK products and services.

Please note we have written confirmation from both our professional insurers and the FCA that all advice that we offer must be offered and delivered from the UK, under FCA regulatory rules and FCA protection and that we are permitted to advise people anywhere in the World according to the UK regulator, but we must check if there are any regulatory restrictions where a client lives.  In short, we offer advice as if you were resident in the UK and provided that you and your EU adviser check with your EU regulator that they are happy for us to continue UK advice for you in tandem with your local adviser ensuring tax compliance and reporting requirements with EU authorities.  We will require this in writing from your EU regulator/your EU adviser.

Resident Outside European Economic Area (EEA)

As we are not authorised where you live and your local advisers are unlikely to be authorised in the UK, we operate a similar option to EU residents with 'Reverse Solicitation'.  We do not ‘solicit’ or promote financial services to non-UK residents, but we will accept ‘Reverse Solicitation’ i.e.,  you approach us to help you with existing UK taxes, investments, or pensions only.  We will not advise on or arrange 'new/additional money' investments for you, but we will advise on existing UK arrangements that are then actioned/transferred/amended within the UK.  Given this, we will offer the technical advice from the UK on your UK pensions, investments, and tax with our requirement that you also take advice locally in the country that you live to oversee any actions at 'your end' and ensure tax compliance and reporting requirements with your local finance and tax authorities.

Please note we have written confirmation from both our professional insurers and the FCA that all advice that we offer to expats must be offered and delivered from the UK, under FCA regulatory rules and FCA protection and that we are permitted to advise people anywhere in the World according to the UK regulator, but we must check if there any regulatory restrictions where a client lives.  In short, we offer advice as if you were resident in the UK and provided that you and your local adviser check with your country's regulator that they are happy for us to continue UK advice for you in tandem with your local adviser ensuring tax compliance and reporting requirements with your resident country's authorities.  We will require this in writing from your country's regulator/your local adviser.

List of Countries is Expanding

Rest of World:  Non-EEA Countries

• Most Non-EEA countries will permit us to give advice on existing UK pensions and investments as it is outside their regulator’s jurisdiction anyway, but we are now required by the FCA for you, us and/or your local adviser to check with local country regulators first to ensure no rule breaches. 
• We already have confirmation from many non-EEA countries such as USA, Australia, Canada, NZ, Japan and South Africa etc., even the Ascension Islands would you believe?  Many countries simply have no interest in assets outside their jurisdiction.

European Economic Area (EEA) and European Union (EU)

• Yes: We have written confirmation that we can act on UK interests for people within the EEA from Germany, Hungary, Ireland, Spain, and Switzerland’s regulators.
• No: Finland and France are something of a joke at present particularly given the number of expats living in France.
• Maybe: We are still awaiting replies from Greece, Holland, Italy, Norway, and Sweden’s regulators.
• We have not approached all EEA country regulators but will do so when people contact us from those countries for advice.

That said, we will still require you to take local advice where you live in connection with anything that you/we do in the UK.

All advice is offered from the United Kingdom with the explicit agreement and understanding that any fee for services is offered under the laws of England and Wales and the English Courts shall have exclusive jurisdiction and no other country’s regulatory or legal systems have any judicial powers over any dealings between us and overseas clients.

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