Since Brexit, British expats in France have faced new challenges in managing their financial future. One significant change is that UK-based financial advisers can no longer legally provide advice to French residents. This blog explores the implications of this change and the benefits of working with a financial adviser who is qualified to provide advice in both the UK and France.

Why UK Advisers Can No Longer Advise French Residents Post-Brexit:

With the UK’s departure from the EU, UK-based financial advisers lost their “passporting rights,” which previously allowed them to operate across EU member states. Now they must obtain a license, a costly and complex process. Many UK firms have opted to stop advising French residents, leaving British expats with fewer options for reliable financial guidance.

Implications for British Expats in France:

For British expats, this regulatory shift has created several challenges:

• Limited Access to UK-Based Advice: Many expats are finding it harder to receive consistent financial advice from UK-based advisers who are no longer authorised to serve them.
• Difficulty Managing UK-Based Investments: Without qualified guidance, managing pensions, investments, and savings held in the UK has become more complex. This could include existing UK pensions, UK ISA’s, saving accounts etc. 
• Increased Risk of Financial Mistakes: Expats risk tax inefficiencies, non-compliance with French regulations, and exposure to inappropriate investments without expert advice. 

Benefits of Working with a France-Based Financial Adviser:

1. Local Regulatory Knowledge: Advisers based in France are familiar with local financial regulations, ensuring compliance with French laws. This local expertise helps in navigating the complexities of cross-border taxation and investment rules, reducing the risk of penalties or tax inefficiencies.
2. Tailored Financial Solutions: A France-based adviser can provide strategies that take into account your unique situation, such as your residency status, financial goals, and local market conditions. This personalisation ensures that your financial plan aligns with both your current circumstances and future objectives.
3. Ease of Access and Communication: Being in the same country allows for easier communication and quicker response times, making it more convenient to receive timely advice or arrange face-to-face meetings.
4. Cross-Border Expertise: A UK qualified adviser based in France will have experience dealing with cross-border financial issues, including managing finances across multiple currencies, tax jurisdictions, and regulatory environments. They can help mitigate risks related to currency fluctuations or differing tax laws.
5. Alignment with EU Regulations: Advisers are regulated by EU authorities, offering an extra layer of protection and confidence in their services. As a client, you may benefit from EU investor protection schemes and dispute resolution mechanisms.

Why Choose a Harrison Brook Financial Adviser?

As a UK-qualified and European Financial Adviser, I provide a unique blend of expertise:

• UK Expertise: My UK qualifications ensure a deep understanding of the UK financial landscape, including pensions, investments, and tax regulations that affect British expats.
• European Authorisation: Our European authorisation means I can provide advice across EU member states (including France where I have been resident since 2017), helping clients to stay compliant with local laws and optimise their financial strategies.
• French Registered Business & French Employees – located in Villeneuve-Loubet (06) and Bordeaux (33). 
• Transparent Financial Advice: Free initial consultation with no obligation. Product fees are visible and outlined in our recommendation reports.
• Low cost: Our online advice system allows us to reduce costs and provide the best value solutions for our clients. 

How I Can Help:

With my qualifications, I offer a comprehensive, cross-border approach to financial planning that includes:

• Investment Management and Pension Transfers: Helping you maximise your investments and manage pension transfers between the UK and EU.
• Tax Optimisation: Developing strategies to minimise tax liabilities across jurisdictions, such as using ‘assurance vie’.
• Ongoing support: Providing regular reviews to ensure solutions remain suitable and keeping you up to date with investment performance. 

Next Steps for British Expats:

1. Assess Your Current Financial Situation: Review your investments, pensions, and overall strategy to identify problems or risks.
2. Consult a Qualified and Regulated Adviser: Get in touch with an adviser who understands both UK and French financial landscapes.
3. Stay Informed: Keep up to date with regulatory changes that may affect your financial plans.

Conclusion:

While Brexit has complicated the provision of financial advice, working with a qualified adviser based in France ensures you receive consistent, compliant, and effective guidance tailored to your needs. Contact Harrison Brook today for a free consultation.