Interesting Article on Pensions for Expats

[AnOther]

New Pension Opportunities for Expatriates

[parsnips]

[quote user="AnOther"]New Pension Opportunities for Expatriates

[/quote]

Hi,

     Yes, very interesting ,and a good example of information/advertisment writing.  Like many articles connected with Blevins Franks it constantly refers (correctly)to the complexity of the issues involved and many times (I lost count) recommends the reader to consult an "expert" adviser who combines UK and "expat "qualifications. The article then ends with a "puff" for "Blevins, Franks", (you need look no farther for your experts!). All perfectly legitimate ,I'm sure, but it bothers me. I like to know when I'm getting straight information, and when I'm being subjected to publicity.   

[mint]

Couldn't agree more, Parsnips.

People writing stuff like this should be made to declare an interest, in bold type, in the topic.

[AnOther]

Not a very objective critique Parsnips, I'm surprised at you and keen to know what bothers you about it and what you regard as not 'not straight' about the article. Is it factually incorrect somewhere or misleading ?

It does say BF on the front cover, in reasonably bold type too which is pretty hard to miss, and I would hope that most folks living in abroad or contemplating it and interested in the subject would know who they are and read it for what it is.

I've had no personal dealings with BF so I'm neither defending nor criticising them but I'd be interested to know where you would go for advive on what you rightly point out are complex matters.

 

[krusty]

For me it is like all subjects , read as much as you can from all sources and then decide.

For example on a different subject , I stayed at a b&b on the way back from the UK . The owner looked at my UK number plates and "advised" me that as we are in the EU I would not have to register it in France . He had lived in France 10 years and had two vehicles with UK plates , no tax disc`s. I was too tired to argue with him. [:-))]

[parsnips]

[quote user="AnOther"]

Not a very objective critique Parsnips, I'm surprised at you and keen to know what bothers you about it and what you regard as not 'not straight' about the article. Is it factually incorrect somewhere or misleading ?

It does say BF on the front cover, in reasonably bold type too which is pretty hard to miss, and I would hope that most folks living in abroad or contemplating it and interested in the subject would know who they are and read it for what it is.

I've had no personal dealings with BF so I'm neither defending nor criticising them but I'd be interested to know where you would go for advive on what you rightly point out are complex matters.

 

[/quote]

Hi,

      I didn't say the information  wasn't "straight" ie. correct, I said I like to know whether I am getting straightforward (unbiaised) information , or a subtle form of advertising. This mixed form of undoubtedly factual reporting ,which carries a sort of "sub-liminal" advertising message is getting too common in all fields.

       The article was published under the authority of the "Telegraph Ex-Patriate Wealth Service", which when you google its website puts you into a mixed Telegraph / Blackstones home page. So there is a tight relationship between the two.

       I tried to check on Blackstones head office personnel, to see if there is any "cross-over" of staff/directors, but Business Week's directory has "No key executive info"--"No Board of Directors info--and "No Executive Commitee info"---I report this as a straight fact.

         In the Telegraph/Blackstones literature they state that the firm is authorised and regulated by the UK FSA . In another correspondence("The Connexion") Bill Blevins of Blackstones was asked why , as the FSA's powers do not extend to France, the firm is not authorised or regulated by either of the french regulatory bodies--he replied that the paperwork in french was "too complicated", but that they are registered in Malta.

        I have not dealt with BF directly on my own behalf, but I did once contact them on behalf of one of their clients, a widow,returning to the UK, who was worried about the UK tax implications of her investment bond. Their area manager told me that "they are not tax consultants", and yet their advertising stresses "tax planning". No doubt what he said was ,strictly speaking, true.

        I would just like to know when reading the output of the "Telegraph Ex-Patriate Wealth Service", whether I'm getting the unbiaised views of an independant journalist, or the views of  a commercial organisation which makes its profits by selling investments to the sort of people who are reading the articles.  

        If I was seeking advice on investing in France, I would search on the internet and choose one of the several long-established advisers who ARE registered and regulated by the french authorities , as well as by the FSA.     

[dragonrouge]

I have never ever dealt with these guys and have no thoughts so to do.

Way back and using my lawyers head I questioned why these guys were not covered here in France by the FSA? I had doubts then I have doubts now.

If anyone receives advice in the UK say from a Solicitor there is fall back from an adviser fall back. None exists here in France. So where do you take the BF advice in UK or France?

Indeed most of the article is a re-write of previous articles coming from this source.

I am not giving advice but my advice to myself is to stay away.

[AnOther]

Frankly I'm rather surprised at the reception this article has received and the criticism aimed at it. May I remind people that although it does contain plugs for BV the disclaimer on p2 clearly states that it was not written by them, merely in association with, and I am at a loss to understand what is being insinuated.

As I asked previously, can anybody point me to anything inaccurate or misleading, it's a very brief and basic overview to exactly what it says, opportunities.

I'm unclear as to the relevence of the FSA in France. They have no authority here and if there is no equivalent body in France then surely whomever one takes advice from you are in the same unregulated boat.

 

[parsnips]

[quote user="AnOther"]

Frankly I'm rather surprised at the reception this article has received and the criticism aimed at it. May I remind people that although it does contain plugs for BV the disclaimer on p2 clearly states that it was not written by them, merely in association with, and I am at a loss to understand what is being insinuated.

As I asked previously, can anybody point me to anything inaccurate or misleading, it's a very brief and basic overview to exactly what it says, opportunities.

I'm unclear as to the relevence of the FSA in France. They have no authority here and if there is no equivalent body in France then surely whomever one takes advice from you are in the same unregulated boat.

 

[/quote]

Hi,

     The objection is not that the factual content is incorrect, it is that it doesn't come alone--it is associated with content which subtly steers the reader towards a certain firm of IFAs.

The fact that the IFA has no authority here IS the point.  Far from there being no equivalent body in France (One of the most regulated markets in the world)  -- there are TWO french regulatory authorities, to which BF has chosen not to conform, but which other by which other  firms are regulated, in addition to their UK offices being under the IFA. The french regulators are the "Autorité des Marchés Financiers et Courtiers d'Assurance", and "ORIAS, (Garantee Financiere et Assurance de Responsibilité Professionelle)"  

[AnOther]

[quote user="parsnips"]The objection is not that the factual content is incorrect, it is that it doesn't come alone--it is associated with content which subtly steers the reader towards a certain firm of IFAs. [/quote]I don't see anything so wrong with that per se but if I understand you your objection is based on the fact that the IFA is BF.

Is the concern then purely to do with the lack of regulation or have you have had unsatisfactory bad personal experience.

Again not critcising or recommending, but some of the best people around are the mavericks who think outside the box.

 

[Chancer]

[quote user="AnOther"]

[Again not critcising or recommending, but some of the best people around are the mavericks who think outside the box.

[/quote]

Maxwell, Madoff (with the money!) Ponsy to name but a few.

Unbiased advice and Financial advisors are mutually exclusive in my experience.

[parsnips]

[quote user="AnOther"]

[quote user="parsnips"]The objection is not that the factual content is incorrect, it is that it doesn't come alone--it is associated with content which subtly steers the reader towards a certain firm of IFAs. [/quote]I don't see anything so wrong with that per se but if I understand you your objection is based on the fact that the IFA is BF.

Is the concern then purely to do with the lack of regulation or have you have had unsatisfactory bad personal experience.

Again not critcising or recommending, but some of the best people around are the mavericks who think outside the box.

 

[/quote]

Hi,

  I have not personally had a bad experience with BF--I have not dealt with them, although I have read their promotional literature, and prospectus (going back many years). I have noticed that for many years they promoted to clients coming to france a "personal portfolio bond" or "broker bond" a product developed for the UK market ,and which involved heavy entry fees and punitive early exit fees. The bonds were originally based in luxembourg, and later emigrated to malta. At that time they ignored the more tax efficient and less expensive french life assurance products--which they have now embraced (following the application of the EU savings directive).

     I include the above to explain why I personally have not dealt with them.

      The point I have been trying to make about the (factually impeccable) article from the Telegraph is this;  If I see something published by the "Telegraph Ex-Patriates' Wealth Service" I expect to be reading staightforward UNADULTERATED factual reportage.

      If I see in the same paper an item headed "Advertisement Feature" setting out the same facts but steering me towards a certain investment provider, I know that I am reading an advertisement (which may well contain useful information).

      My objection is that increasingly ,not just in relation to this particular firm, the boundaries between reportage and advertising are getting blurred and obscured.

      I hope this explains my position clearly enough.

[allanb]

[quote user="Chancer"]Unbiased advice and Financial advisors are mutually exclusive in my experience.[/quote]I agree that they usually are, but they don't have to be.  I think the problem is that financial advisors usually live on the commissions that they get from investment funds and managers.  Commissions rates vary widely, and I think it would be amazing if advisors didn't sometimes steer their clients towards the funds that pay the highest commissions.

There is no reason, except custom and practice, why advisors should not be paid an agreed fee, with any commission received being credited to the client.

When I was about to move to France I bought some advice from a certain IFA about savings and investments for French residents.  The advice did not mention the tax-sheltered Livret A and similar accounts, which are not necessarily good for everyone, but which must surely be high on the list for most people, at least for part of their savings (totally secure, retrievable on demand, tax-free interest).

Of course, they do not pay any commission.  

[CeeJay]

Parsnips

I have to say that you are spot on with this one...........as usual!

[dragonrouge]

I dealt as a lawyer with the aftermath of Maxwell some people would have called him a maverick others another word.

Risk is always relative to reward

[Quillan]

I can remember this being discussed some years back when it was first announced but unfortunately the posts from back then till 2008 have been 'archived' off.

There are other, more recent, posts in the forum on QROPS if you do a search.

If you want some more official information then you might try www.hnrc.gov.uk and then use the search facility to search on QROPS. There is a constant update and the last one was on the 27/11/2009.

As to BF all I can say is that they do advertise themselves as tax advisers amongst other things and we contacted them before we left the UK to find out about how to set ourselves up for tax etc in France for our B&B. The sold me a book which they told me contained everything I needed to know but when I got the book it was all about pensions, savings and tax avoidance, nothing to do with setting up a business. I asked for my money back after explaining what advice I wanted, they said they couldn't help me but tough I couldn't get a refund. Thats my own personal experience of them and it may well be different to others.

They do run seminar's here in France, there was one in the posh hotel on the golf course at Carcassonne some time back. We had an invite but declined to attend.

If you type QROPS in to Google there are loads of companies offering you 'help', a lot different from a few years back when the only thing that came up was the UK government website. If you decide to 'get involved' in one of these companies don't forget the immortal words "There's no such thing as a free meal".