Consumer Trust in Independent Financial Advisers Increases

Just when the UK public needs to have confidence in financial services, a combination of global economic events, changes in tax and regulatory policy, negative media coverage and the actions of certain institutions have removed much of the trust previously held in our largest financial services institutions.
However, unlike all other parts of the sector, the public’s trust and confidence in Independent Financial Advisers (IFAs) goes from strength to strength. Research findings from respected, impartial, organisations on the issue of consumer trust also confirm that consumers show higher level of trust towards independent advisers than they do tied advisers.
"Restoring Trust in Financial Services: Build on that which works”, sets out the latest research. Key findings of the paper include:
• IFAs are consistently the most trusted of all financial services institutions both in terms of low level trust (the extent to which an organisation can be relied on to do what it says it will do) as well as high level trust (the extent to which the organisation is concerned about the interests of its customers).
• This trust in IFAs has increased over the past 5 years, despite the economic turmoil and challenges of recent times.
• However, the same cannot be said for other financial services institutions who have seen their levels of trust not only remain low, but in some cases decline even further.
Montfort International plc, recently voted 3rd in the Money-Marketing “IFA of the year 2009” awards, welcomes the research’s confirmation of what its clients have been reporting. An increasing number of people from all socio-economic groups are turning to IFAs like Montfort for advice to guide them through these difficult times, and these numbers are set to increase should the conditions continue or worsen.

New expert NZ financial/legal service

Three experts have come together to provide a specialist tax, financial planning and legal service for those departing the UK for New Zealand as well as for those moving to UK from New Zealand. They are Geraint Davies, Managing Director of Montfort International plc, Michael Reason, Limited Partner of Michael Reason & Partners LLP (Anglo-New Zealand lawyers) and Greg Rathbun, Director of Gilligan Sheppard, New Zealand based Chartered Accountants.

The service has been launched because:-
• UK and New Zealand’s tax rules which can offer exceptional tax and financial planning opportunities for those migrating between NZ and UK
• Qualifying Recognised Overseas Pensions Schemes (QROPS) need to be specially managed and all three parties have completed preliminary work in order to launch a custom built, compliance driven Self Managed QROPS/NZ Superannuation scheme which will involve meeting the requirements of HMRC and New Zealand Government Actuaries Department
• A Service is needed to ensure that when New Zealanders come to UK to work; the financial advice they receive does not conflict with their NZ advice and vice versa for those moving to New Zealand
• They will be able to regularly exchange changing Technical Regulatory Material
• The firms involved will be a resource for Accountants, Lawyers and Financial Planners in both countries who do not have the technical resources to handle this complex technical area on a day to day basis.

The fiscal relationship between the UK and New Zealand is in many ways complementary and beneficial if used to its best advantage. With an integrated team of advisors to individual migrants and returning nationals, the three plan to maximise the value they can add to the returning nationals and migrant’s estate and financial plans.