Take some good advice and watch out for the QROPS sharks

Rip-off independent financial advisors are earning big commissions from advising their clients about QROPS.

QROPS - a qualifying recognised overseas pension scheme - is regarded as an excellent investment strategy for savers with UK pension rights who permanently live overseas and do not plan to return to the UK.

Points to watch when your IFA recommends a QROPS is that he or she have experience in advising on the products - and ask for evidence or references if you are not sure.

Charges are another area to keep an eye. Many of the largest QROPS advisors have their fees subsidised by the providers themselves, so their services come at little or no cost to an investor.

Check out the ongoing management fees and charges - in most cases if you want to change funds or methods of investment once the QROPS is up and running, many providers allow this free-of-charge, but this is another area where unscrupulous IFAs can take a chance to earn more cash unnecessarily.

None of these problems should arise if you consult a UK Financial Services Authority regulated independent financial advisor who can tailor the best QROPS scheme for you from across the whole of the market.

After all, it doesn’t make sense not to take the best advice and swim with the sharks when sums involved in a QROPS are generally quite significant.