View more on these topics

Guernsey Qrops providers to establish code of conduct

Guernsey’s Qualified recognised overseas pension scheme providers are banding together to create a code of conduct to help prevent unscrupulous providers set up the island. 

The code of conduct which is expected to be in place by June will be led by a technical committee formed of service providers, the Guernsey Financial Services Commission and both legal and accounting professionals.

Speaking yesterday at a Guernsey Finance Qrops masterclass held in London, Guernsey Finance CEO Peter Niven said: “This is not a Guernsey Finance intitiative but it is an important part of Qrops going forward.  The code of conduct will have to be a flexible and living document which will be amended as other issues arise but at least it will be there and available on each provider’s website for clients to see what conduct we expect.” 

One of the committee members Close head of marketing Rex Cowley says: “Whilst this code of conduct will not be enforceable by law, it will ensure that IFAs who are dealing with Guernsey Qrops providers will get comfrort from providers that clearly demonstrate they adhere to the code and those that don’t.” 

Recommended

4

Keydata Lifemark clients wait for restructure plan

Thousands of Keydata clients with life settlement products invested with Lifemark face a further wait to discover if they will recover their money as the company’s directors continue to work on a restructuring plan. Lifemark announced on March 2 that a number of bonds underpinning several retail investment products provided and administered by Keydata had […]

Powerful estate planning tools ignored or forgotten by wealthy Brits

Canada Life IHT Survey 2016 Only a quarter of wealthy Brits have sought professional estate planning advice to ensure their families don’t pay more tax than required More than a quarter don’t even have a will and just one in five have gifted money Many say they do not need these tools but families would […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. We place regular QROPS business with Guernsey providers. Nearly all are consistent and helpful.

    The code of conduct should extend this acrosss the board and we hope eliminate certain issues we have encountered with one or two providers who seem intent on creating obstacles where none should exist.

  2. Any one recommend trustees in Guernsey who are not ripping clients off for 1200 pound a year-for 1. opening a bank account 2. sending them an annual investment statement (which a client could easily access over the internet 24/7)?

Leave a comment