Is your QROPS, SIPP or Spanish bond a lame duck?

Sam Kelly DipPFS, EFA, BA (Hons) Managing Partner, Chorus Financial.
Sam Kelly.

By Sam Kelly,
Managing Partner,
Chorus Financial

I have been very vocal in my criticism of commission paying underlying investments in products such as pension transfers or Spanish investment bonds for many years now, with that culminating in Chorus winning multiple major European industry awards for our steadfast campaign.

I fail to see the positives of a financial advisor receiving a secret cash incentive for putting their clients into a particular investment fund or structured note. Not only does this dramatically increase the cost of these products for the client, but it also near but guarantees the advisor is not choosing the best product available for their clients.

As investors you are already taking a certain degree of risk for that return, and the thought of an advisor increasing that risk to line their own pockets, with no benefit to their clients, really is stomach churning.

lame duck ChorusOver the last 5 years I have dedicated many column inches, many radio hours, and many a seminar in my attempts to warn our communities here in Spain about the dangers of such practices.

It has been particularly difficult to fight this battle alone, and I’m sure you can all guess why no other major financial advisory in Spain has joined Chorus on this campaign!

These practices were outlawed in the UK in 2013, but despite many companies advertising their UK FCA credentials, these companies continue these exact practices with their Spanish based clients, as it is sadly still legal here, even for companies passporting their licences from the UK.

Many 10,000s of you have already been placed into commission paying funds without your knowledge and many others will be unwittingly about to sign up to a new investment, or pension transfer exposed to these types of practices.

If you have concerns about an existing investment, or a new recommendation, please contact me direct on 0034 664 398 702, [email protected] and I will be happy to offer a free, no obligation review or visit for more information.


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