Uk Financial Advisors Work Abroad?

By Author: Singapore Expat Advisory
Total Articles: 49
Comment this article

In this excerpt, the writer asks herself one question regarding the guidance of a UK financial advisor when she is out of the country. Here is the skinny on whether they can and how they may do it.

Legal and Regulatory Considerations

Regulatory Requirements

• Home Country Rules: Currently, UK advisors are required to go by the laws of the UK, even in situations where they are advising clients outside of the United Kingdom. Financial services companies operate throughout the United Kingdom and are regulated by the Financial Conduct Authority (FCA).

• Host Country Laws: They also have to keep abreast with and follow the legal requirements pertaining to money affairs in the country where the client is located. This can be something like, ‘How to decrease the overall cholesterol?’ because rules are different in various countries.

Licensing

• Local Licensing: Certain countries have put in place regulations which mandates that anyone offering financial advisory services must have been issued with a license in the country. Without these, a ...
... UK advisor can not necessarily append services legally.

• Recognition: However, having a degree from an accredited university with certain CII or CISI certifications may be acceptant in other countries, one should verify the exact requirements.

Currency and Investment Options

• Currency Exchange: There are issues such as exchange rate that requires consideration in determination of the investments. They must be attentive to what they pay particular attention to the management of currency risk.

• Local Investment Options: Another key factor is to have an understanding of the investment climate in the target country. Those of UK advisors may not be so well versed with these, which may help inhibit their precision.

Thus there is this following benefits associated with engaging a financial adviser for British citizens in Singapore while living in another country.

Consistency and Trust

• Established Relationship: This is more beneficial particularly if the client has an existing advisor from the UK that he/she trusts for he/she can be assured of continuity in service.

• Understanding of UK Products: It will help them optimize the ‘overseas’ financial products with which they are already conversant in the United Kingdom, to manage the remaining assets kept in this country.

Specialized Services

• Expat Expertise: A number of the tax advice for British expats in Singapore mentioned are dedicated towards expats, which combine both UK and international experiences in terms of investment products.

• Dual Knowledge: Professionals who are familiar with both British and local conditions are likely to offer better recommendations regarding the possibilities of credit operations.