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Mattioli Woods moving into Qrops and Qnups

Mattioli Woods plans to enter the qualifying recognised overseas pension scheme and qualifying non-UK pension scheme markets with offerings in Malta.

Marketing and sales director Murray Smith says: “We think the markets for both Qrops and Qnups remain very interesting. We are setting up both a Qrops and a Qnups in Malta. If they prove popular among high-net-worth individuals, we have the capacity to establish up to 500 schemes.”

Last week, HMRC announced a clampdown on Qrops due to concerns that some arrangements are being used to circumvent UK tax rules. The changes include forcing overseas schemes to pass information relating to a Qrops transfer to HMRC within 30 days and reporting all lump-sum payments from their scheme in the 10 years following the transfer.

Evolve Financial Planning director James Norton says: “For a very small number of people, these schemes will be suitable. However, the fees tend to be quite high and people need to be careful they are not being used simply to avoid paying tax.”


Novia poaches head of operations from Skandia International

Novia has appointed Sally Stephens as head of operations. Stephens joins the wrap from Skandia International where she was head of operational strategy. Prior to this role she was head of life and pensions at Vertex. She will report to chief operating officer Paul Parry.


Chris Gilchrist: Beware new adviser service fads

The UK’s financial adviser community is smart and resilient but it is also prone to falling in love with fads and trends (technology, with-profit bonds, low-cost endowments). A welcome part of the cultural revolution called the RDR is a shift of emphasis from products to service. But for some people, it looks as if the […]


MMR rules could incentivise lenders and borrowers to go direct

Lenders and borrowers will be incentivised to use direct-only channels and ditch brokers after the mortgage market review, the FSA predicts. In a blow for brokers the FSA’s final MMR consultation paper says the number of intermediaries is likely to reduce further after the MMR is introduced. The regulator says that making lenders more responsible […]


Advisers slam Standard and Friends direct dealing moves

Advisers have attacked Standard Life and Friends Life over claims they are attempting to tempt clients into ditching their IFA and dealing with them directly. Last week, moneymarketing. revealed Standard Life had contacted customers saying they could win an iPad 2 by filling out two pages of personal details. On the final page, underneath […]


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