View more on these topics

New Zealand developing Qrops code of practice

Qrops providers in New Zealand are developing a code of practice to improve the country’s reputation on the overseas pension schemes.

The move is being driven by a compliance advisory firm called Strategi and a posting on the firm’s website about why the code is being developed admits many NZ Qrops providers have become too flexible, are not undertaking sufficient checks and increasing the chances of falling foul of HMRC rules for the schemes.

Strategi best practice compliance officer Mark Hattersley says the jurisdiction wants to be seen as respectable.

He says: “We believe through producing a voluntary code, we can ensure providers understand and are correctly adhering to HMRC’s rules on Qrops.”

HMRC regulations require 70 per cent of the member’s UK tax relieved funds to be used to provide an income for life

Strategi is working with a number of local providers on the code and it is expected to be made available within the next couple of months for consultation.

It comes weeks after Guernsey released its own voluntary Qrops code.

It called for those transferring into Guernsey based Qrops to take advice from a suitably qualified pension adviser and for trustees to take professional investment advice unless they have the “necessary investment skills and experience”.

Monfort International managing director Geraint Davies says: “They think the negative rumours and stories about New Zealand are not doing its aim to become a financial services centre any good and this code is intended to show it as a centre of quality.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm