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British expat retirees urged to ignore financial sharks
| Published: | 16 Jul at 6 PM |
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British expats across the world are being urged by sharks to shore up their finances before Brexit finally hits.
Given that mitigating the financial aspects of Britain’s looming divorce from the rest of Europe is dependent on the final outcome, taking action now might well make things worse should a no-deal drop off the cliff become the final outcome of four years’ wrangling. The Brexit trade discussions don’t seem to be going well, and the vast majority of expat concerns about their post-Brexit financial health are concentrated on the sterling exchange rate against the currency of their present country of residence.
For most expats living overseas, it’s not been good news for the past few years, with the first fall in the value of sterling being caused by the shock Brexit referendum result. As negotiations continued, the pound slipped lower against the euro as well as other international currencies, with expat retirees in EU member states beginning to realise their sterling pensions and investment returns weren’t up to covering their expenses in a manner which would allow them to continue with their present lifestyles
According to one self-styled expert in this murky trade, just over one-third of British expats overseas haven’t bothered to update their financial arrangements prior to the end of this year. The scare story mentions healthcare, insurances and pensions as targets for post-Brexit damage without explaining why, and is basically just an advertorial for the overseas services provided by representatives of a particular company specialising in selling pension plans and other investments to mostly retired expats.
For expats seriously worried about the effect of Brexit on their financial futures, online articles explain much which they won’t learn from expat IFAs in popular retirement hubs. Many such companies are simply middle men for expensive insurance-based products pushed by offshore firms such as Friends Provident IoM, with their representatives making high commissions and their clients often losing much of not all of their invested cash due to high charges, lockdowns and bad advice. Those looking to emigrate due to Brexit are now being urged to ignore approaches from over-friendly expat IFAs and find a truly independent adviser.
Given that mitigating the financial aspects of Britain’s looming divorce from the rest of Europe is dependent on the final outcome, taking action now might well make things worse should a no-deal drop off the cliff become the final outcome of four years’ wrangling. The Brexit trade discussions don’t seem to be going well, and the vast majority of expat concerns about their post-Brexit financial health are concentrated on the sterling exchange rate against the currency of their present country of residence.
For most expats living overseas, it’s not been good news for the past few years, with the first fall in the value of sterling being caused by the shock Brexit referendum result. As negotiations continued, the pound slipped lower against the euro as well as other international currencies, with expat retirees in EU member states beginning to realise their sterling pensions and investment returns weren’t up to covering their expenses in a manner which would allow them to continue with their present lifestyles
According to one self-styled expert in this murky trade, just over one-third of British expats overseas haven’t bothered to update their financial arrangements prior to the end of this year. The scare story mentions healthcare, insurances and pensions as targets for post-Brexit damage without explaining why, and is basically just an advertorial for the overseas services provided by representatives of a particular company specialising in selling pension plans and other investments to mostly retired expats.
For expats seriously worried about the effect of Brexit on their financial futures, online articles explain much which they won’t learn from expat IFAs in popular retirement hubs. Many such companies are simply middle men for expensive insurance-based products pushed by offshore firms such as Friends Provident IoM, with their representatives making high commissions and their clients often losing much of not all of their invested cash due to high charges, lockdowns and bad advice. Those looking to emigrate due to Brexit are now being urged to ignore approaches from over-friendly expat IFAs and find a truly independent adviser.
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