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The Gibraltar Minister of Financial Services Gilbert Licudi has said that providers of QROP schemes needed to take responsibility for ensuring that their products are compliant with government regulations.
Speaking at a Gibraltar Funds & Investment Association event in London the Minister said, “The fact we have passed legislation does not actually guarantee the validity of the transfer being considered. It will be up to the individual administrator operating from Gibraltar to make sure they get confirmation and clearance and that particular task done,
“But the emphasis is on the administrator and operator, rather than the government which has simply provided the legislative framework in order to allow the transfers in the first place. Whether it is valid or not at an individual level will depend on the individual scheme and the administrator getting the necessary approval.”
Licudi has long been a friend of the financial services industry in general and the QROPS industry in particular. The minister has been a strong advocate and was largely responsible for pushing through the required legislation that finally made its way onto the Gibraltar statute books in June.
Mr Licudi said, “The government is very happy with this as a new line of business which, hasn’t quite taken off yet because we’ve recently passed the legislation, but is going to take off.”
For advice on transferring your UK pension into a QROPS make sure you consult an IFA.