As we seem to say every year... Where has the last 12 months gone?! It is December once again and we are only a few short weeks away from celebrating a new year. As is customary of the season, we have prepared our FinSec reflections; a look at some of the stories that have shaped our year in 2019. The year of the banks 2019 started with the banks in the headlines and looks set to end the same [...]
In the last couple of years the rules around transferring UK pensions to Australia have changed significantly. These changes have added a layer of complexity and many migrants and returning expats remain confused with regard to what pensions can and can not be transferred. In this post we outline the current eligibility criteria, for more information on UK Pension transfers visit www.finsecptx.com.au ELIGIBILITY CRITERIA ONE: YOUR AGE Under current rules you must be aged 55 years or over to transfer UK pensions as a [...]
Into the Unknown: Key Takeaways PIMCO recently published its Cyclical Outlook for global growth, inflation, trends and transitions likely to affect the investment landscape in 2017. Below are some key takeaways: With Trump, Brexit, Italy’s “No” vote and China’s currency woes, the world economy and markets have embarked on a journey into the unknown. As coauthor Andrew Balls and I noted, the only certainty in our view is that the “tails” in the distribution of potential macro outcomes have become fatter [...]
STOP-PRESS: On July 1 2015, HMRC re-published its ROPS (Recognised Overseas Pension Scheme) list, stripping all Australian QROPS schemes of their QROPS status (with the sole exception of the Local Government Superannuation Scheme). HMRC made this decision in the belief that Australian funds are unable to comply with the new QROPS requirements because of their overarching obligation to comply with Australian legislative requirements. As a result, all UK pension transfers have been placed on hold to minimise the risk of unauthorised [...]
As a client of FinSec you will no doubt be aware of our beliefs around ‘open architecture’ particularly when it comes to product advice. In short; ‘for a recommendation to be in your best interest it must be chosen from a broad and comprehensive product list based on independent research’. In Australia third party (independent) research is maintained and provided via five large research houses. Recently there has been a lot of press surrounding one of these houses, van Eyk. Mid [...]
The whole world is watching the crisis in Crimea, and Russia faces off with the USA and European superpowers. The dispute centers around which country the territory should belong to, and it may seem shocking in today’s modern era, but the borders of Europe have never been solid. In this time-lapse video, you can see how 1000 years of European history plays havoc on the stability of the border we take for granted today.
The key themes from last week’s announcements: A clear timeline for higher education requirements for new and existing financial planners has been set by CBA, AMP, Westpac and NAB, ensuring increased education standards. Once fully implemented, the days of an educational ‘quick fix’ – where a two-week course would allow someone to call him or herself a financial planner – are behind us. Support of the CERTIFIED FINANCIAL PLANNER® designation as the gold standard in financial planning. The institutions listed above [...]