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BBC Panorama expert witness Sam Instone, CEO of multi award winning chartered financial planners AES International, announces the publication of a startling exposé, How IFAs are paid to mis-sell pensions.

The publication is an eye-opening revelation, detailing how pension mis-selling is alive and well in the expatriate financial marketplace.

As the expert witness for Panorama’s Who stole my pensiondocumentary, Mr. Instone has written this unique exposé, which uncovers the risks and threats that exist within his own marketplace. 

One expat harmed by the unethical practices of those in international financial services who are financially incentivised to mis-sell, is Louiza May, an international professional working in the UAE who lost 20% of her pension.

Ms. May explains:

Like many expats, I was introduced to someone I now know was an unregulated international adviser. He made some fantastic sounding promises regarding my UK pension scheme. Although I never received a clear explanation of how he made money, he was so friendly and attentive on his visits, by phone and by email that I proceeded with his recommendation.

“Almost immediately after this, I met AES International. They showed me how to read my valuations and I was shocked to discover I had inadvertently forfeited my guaranteed pension rights, inefficiently taken out a tax wrapper within a tax wrapper, that the investments were most likely unsuitable for me, and that I had lost 20% of the transfer in value in hidden charges. I had mistakenly put my faith in a charismatic individual.”

Deeply troubled by stories like these, Mr. Instone explains why he has chosen to speak out in his publication How IFAs are paid to mis-sell pensions:  

The international financial marketplace is under-regulated, and as a result it provides rich pickings for the unethical. Those who trade as financial salespeople, usually falsely masquerading as IFAs, know that an expat’s pension is their biggest prize. These so-called IFAs can get commission payments of up to 20% when they sell pension transfers – this money is taken directly from the expat’s pension without them even realising it.

“Most expats aren’t even aware of these risks, let alone of the fact that the IFAs they trust to manage their money are the ones being financially incentivised to mis-sell. I am committed to stopping the damage being done – and I am equally committed to stopping the damage being done to my profession by those determined to keep it an industry that sells high cost, low performing pensions for the financial salesperson’s own gain.”

The content of How IFAs are paid to mis-sell pensions details:

  • How expat IFAs are financially incentivised to mis-sell;

  • How to determine if you’ve been affected by mis-selling already;

  • The financial impact of mis-selling;
  • The critical tactics that will protect expats and their money;
  • Everything expats need to know to build and protect their own pension.

Personal invitation from Sam Instone: “If you have any questions now or when you’ve read the exposé I invite you to get in touch with me personally at samuel.instone@aesinternational.com. I also welcome you to challenge me on anything you read; I am willing and able to substantiate everything I have written.”

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