The Management of Dominion Financial Management are entering into an agreement with fund solutions provider Altarius Group of Malta to create a new regulated advice company that will be authorised in the EU to be able to continue to provide pensions and investment advice to UK ex-pats that have retired to Europe.
With Brexit now completed and no sign of any reciprocal arrangements between the Financial Conduct Authority (FCA) and the EU regarding the previous passporting of financial services into the EU by UK, no UK FCA regulated company with clients that live in the EU can continue to passport advice services out of the UK. As a result, advice firms like Dominion Financial Management must look to open up an office in the EU or develop arrangements with existing companies like Altarius to ensure clients based in the EU can continue to be properly serviced. This new entity will be based out of Malta.
Managing Director of Dominion Financial Management Jim Bell has said “There are many similarities between the FCA and the MFSA rules and regulations which offer a good structure both to our firm in its operations and to our clients, in terms of security and compensation scheme.” Jim Bell affirmed. “Our future collaboration will be totally separate from our UK business, but the new company will have our expertise along with that of Altarius to benefit those residing in the EU with pensions and investments left behind in the UK.
Jim Bell reiterated that “from an office based in Malta, which is in the EU, this new company will be authorized by the Malta Financial Services Authority (MFSA) and be able to provide UK nationals based in other EU countries with the same financial services offering they would have been used to under the Financial Conduct Authority.”
This proposed collaboration between Jim Bell of Dominion Financial Management and Altarius Group will be beneficial to persons living in the EU seeking the professional advice, experience, and services of a professional UK FCA-regulated financial adviser even though this cannot be accessed via the UK any longer. For more information about Dominion FM and their expertise in the UK visit https://www.dominionfm.co.uk.
About Jim Bell
Jim Bell is the Managing Director of Dominion Financial Management. He has worked in the Financial Services Industry for over 20 years in various roles. He has gained experience with Barclays Bank before working in a Senior Corporate Pension role at Standard Life.
Jim has provided advice throughout his career to both individual and corporate clients, both in the UK and overseas. He grew up and was educated in Canada, obtained a Degree in Economics from The University of Western Ontario before passing the prestigious Canadian Securities Course. His UK qualifications include The Professional Investment Certificate (AFPC equivalent) from the Institute of Financial Services (IFS), CeMAP, Pensions Simplification qualification (CF9) and in 2014 he obtained the Certificate in Automatic Enrolment from The Pensions Management Institute.
Media Contact
Company Name: Dominion Financial Management Ltd
Contact Person: Media Relations
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Phone: +44 (0)1829 423140
Country: United Kingdom
Website: https://www.dominionfm.co.uk/