“If you were living in the UK and encouraged to transfer your pension into an overseas QROPS, the promotion may have broken UK law.”
🚨 A Warning Millions Never Heard
Over the past two decades, thousands of UK consumers have been encouraged to transfer their pensions into Qualifying Recognised Overseas Pension Schemes (QROPS)—often with promises of tax benefits, investment flexibility, or early access to funds.
But here’s what many victims never knew:
If the adviser who promoted the QROPS to you was not authorised by the FCA, and the promotion was not pre-approved by an authorised firm, they may have committed a criminal offence under UK law.
Even if the adviser was based in Spain, Malta, Cyprus, Dubai—or anywhere else.
🧾 What the Law Says
Under Section 21 of the Financial Services and Markets Act 2000 (FSMA), any person promoting an investment activity to a UK consumer must:
- Be authorised by the Financial Conduct Authority (FCA), or
- Have their communication approved by an FCA-authorised person, or
- Fall under a very narrow exemption (like certified high-net-worth clients, which must be documented in advance)
If they fail to meet these criteria, the communication is an unauthorised financial promotion—and therefore illegal.
🌍 “But the Adviser Was Overseas…”
It doesn’t matter.
FCA Perimeter Guidance Manual (PERG 8.3.1G) is clear:
“The restriction in section 21 applies to any person, irrespective of where they are based, if the communication is capable of having an effect in the United Kingdom.”
If you were living in the UK at the time you received:
- A cold call,
- A webinar invitation,
- A promotional brochure,
- An email offering a pension review,
- Or a financial recommendation to transfer to a QROPS…
…then you were within the UK jurisdiction, and the adviser was required to follow FCA rules—no matter where they were based.
🧨 The Financial Promotions Trap
QROPS were often promoted with enticing phrases like:
- “Access your pension early”
- “Avoid UK tax with an overseas scheme”
- “Take control of your savings offshore”
- “Protect your wealth with international investments”
These phrases, while common, are all forms of financial promotions—especially when accompanied by a call to action, such as “book a free consultation.”
And unless explicitly pre-approved by an authorised UK firm, these promotions are prohibited when targeting UK residents.
🔎 What This Means for Victims
If your pension was moved into a QROPS after being approached or advised while living in the UK, and the promotion or advice was:
- From an unauthorised adviser,
- Not approved by an FCA-authorised firm,
- Or encouraged through indirect promotions (webinars, guides, comparison tools, lead generation),
…then you may have a legal right to challenge the transaction and seek redress.
You may also have a basis to:
- Request rescission (to unwind the transfer),
- Claim compensation for losses,
- File complaints with the FCA, Ombudsman, or regulators abroad.
🧭 What You Can Do Now
If this happened to you—or someone you know—here’s how to start reclaiming control:
✅ Gather evidence: Emails, brochures, adviser names, dates, your UK residency status at the time.
✅ Check the FCA Register: Was the firm authorised? Was the adviser personally approved?
✅ Note what was promised: Were you told it was safe, tax-efficient, or guaranteed?
✅ Ask for help: Join advocacy groups, or speak to a legal professional.
✊ Final Thought
Too many UK consumers were lured into overseas schemes through illegal or misleading promotions—often leaving them with devastating financial losses and no clear path to justice.
But the law is on your side.
If you are a fraud survivor or work in financial justice and want to share your views on this issue, feel free to get in touch.
http://www.aolp.co.uk | @RatBaggery | steve.conley@aolp.co.uk
About Get SAFE
Get SAFE (Support After Financial Exploitation) was born from a simple truth: too many victims of financial abuse are left to suffer in silence.
We exist for people like Ian—for the ones who did everything right, only to be failed by the systems they trusted. We know that behind every vanished pension, every ignored complaint, and every stonewalled letter is a person—frightened, exhausted, and too often alone.
Get SAFE offers more than sympathy. We offer structure, support, and solidarity.
We provide a voice where there’s been silence, and clarity where there’s been confusion.
We stand beside those who have been exploited, not just to help them recover—but to help them reclaim their story and rebuild their future.
Because financial justice is not a luxury.
It’s a human right.
If you or someone you know has been affected by financial exploitation, we are here.
You are not alone.
Learn more at: Get SAFE (Support After Financial Exploitation).
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