Financial Ombudsman Service  

Adviser calls out ‘ridiculous’ Fos decision

He said: “Qrops is not a big market now and this particular case is unusual in that it arose as the request was made before the March tax bombshell but transfer took place after it. 

“I doubt that there are many that straddle the tax date. It would be only these that might be in a similar position. 

“The key would be interpreting the date a substantial instruction was made to make the transfer.”

He added: “It’s an interesting case that highlights the process that needs to be followed correctly when such a transfer is required, and also the correct understanding and interpretation of HMRC rules and guidelines.”

Data published by HM Revenue and Customs in July showed that although the number of transfers to Qrops increased slightly to 5,000 in 2018/19, up from 4,700 in 2017/18, the total value of these transfers was down at £640m from £740m.

The drop in value is likely to be down to the overseas transfer charge. 

amy.austin@ft.com

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