Advisory firm Montfort International has attacked some Australian financial advisers and pension funds for using "scare tactics" to encourage pension transfers from the UK ahead of the changes to the Australian system on 1 July.
The firm, which specialises in financial planning between the UK, Australia and New Zealand, says some Australian advisers have been procuring business through “carefully contrived advertising campaigns designed to panic former UK residents and nationals into transferring their pension funds to Australia”. As a result, the firm says these advisers are failing to pay due attention to other UK options, and to take into account the poor exchange rate between sterling and the Australian dollar which would reduce the value of members benefits when they are transferred. Geraint Davies, managi...
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