1. Steve R
    July 1, 2018 @ 12:20 pm

    And still no reporting of the $8 million fine, is there any explanation AB?


  2. anonymouse
    July 1, 2018 @ 2:35 pm

    What registers are you referring to ? You are quite correct, people should be able to look up what these IFA’s qualifications are, but just because they are not on a website does not mean that they are not qualified (it would be helpful if you could show what registers you are referring to). Incidentally, your website should have a privacy policy as you are collecting people’s data when they are commenting on these posts. Failure to do so could get you in hot water with the ICA.


  3. John Hayward
    July 3, 2018 @ 8:13 am

    Response from The Spectrum IFA Group

    We completely understand the mission you are on as there are a number of firms giving or who have given very poor advice around pension transfers in Spain and other Countries.

    We are quite surprised you have highlighted our group ahead of certain other perhaps higher profile firms operating in Spain and would like to put the following facts in front of you.

    For your information we are a Spanish brokerage that is part of a larger European group which includes both Insurance and Investment Advisory firms.

    All our advice comes from our centralised technical team. In particular, for all pension transfers we provide a free Pension Transfer Value Analysis report prepared by a Fellow of the Chartered Insurance Institute (higher level than Chartered) who holds all the relevant UK pension qualifications. In addition, where the pension is a Defined Benefit scheme (Final Salary) an FCA registered adviser with all current UK permissions provides a further report for clients as required under UK rules.

    The major problem we see in the Spanish market is the use of “boutique” investment funds and structured products. It is our opinion that these are only sold to generate additional commissions for the brokers. Our client charter spells out how we operate. We use only daily traded funds from large, well known investment houses that do not pay initial commission. If we do ever use a structured product, we undertake to rebate any commission to the clients.

    In Spain, most of our pension business is placed using Prudential International’s PruFunds, entirely appropriate for pension investing.

    Finally our website makes clear we do not have an operation in Portugal but service clients there from our Barcelona office.

    In light of the above facts we request that you take down from your site and linked in the erroneous posts about our group.

    Should you require any further information please email info@spectrum-ifa.com


    • UK Oriented Questions
      July 4, 2018 @ 8:25 am

      I am not an expert in these offshore funds, so bear with me if you think these are not intelligent questions-

      1. What is the investment group you are part of that provides the investment advice, I can only see an insurance licence on your website? Who are the investment advisers and who gives advice to the actual investor?

      2. How does this “Fellow” earn a living if he does not charge a fee? I am sure many people would love free reports, can you provide his details? A Fellow is Chartered but took a couple more papers.

      3. Who is the FCA registered adviser that provides the reports? Is he part of your company or not? This leads to my, possibly misplaced concerns so please bear with me, next point.

      4. Prufunds – I was not aware of International Prufunds and so got onto Google. Is this the correct link? http://www.prudential-international.com/es-en-adviser/why_ipb/funds/prufund/ This seems to be an offshore insurance bond with rather limited investment options. The KID has a whopping 13% to 14% RIY in year one, that is off the scale. Compare this to a UK version of the same bond https://www.pru.co.uk/content/dam/prudential/kids/PRU_IOD_IE00B00GXM08.PDF and the RIY is 1.25%, the UK version has many more investment options. What am I missing here?

      5. If 4. above is correct, then how can an insurance bond possibly be suitable for an individual personal pension arrangement? There appears to be a 5 to 10 year charging structure that would limit the investor from moving the funds without penalty.

      I am asking this from a UK perspective, after all we are talking about UK pensions and so should not expats get the same quality of product and advice as they would have been able to get in the UK?


    • He's a jolly good fellow
      July 14, 2018 @ 6:30 pm

      This “Fellow”, he would not happen to be part of a newly established firm that is owned by a SIPP/QROPS provider would he?

      A number of UK advisers are aware of this and watching.


    • Colin Metcalfe
      July 26, 2018 @ 3:21 am

      Spectrum IFA stole my pension , it now lies in different currencies in the Isle of Man having made no gains in 8 years !!
      Barry Davys told me a web of lies when advising me to take out my final salary pension with my employer, the damage he and your company have done has ruined life !!


      • Angie
        July 26, 2018 @ 9:11 am

        Have you complained to Spectrum Colin? If so, what has their reply been? What did they invest your funds in?


      • Ridiculous Example
        July 29, 2018 @ 7:50 am


        I had a search and found this https://feifa.eu/its-easy-when-you-know-how-2/ My word, if this is the level of knowledge, this is worrying.

        The LTA will be increased annually by the CPI and has increased since this was written, so he just made up the fact that the LTA could be reduced when the Government has a stated policy of increases.

        The pension in the UK is not subject to Inheritance Tax, moving a pension will make no difference.

        In the example given, I can only assume this is a very wealthy man who has no intention of drawing an income from his fund when he retires. Given what you , Colin, have just said about the investment performance then I would suggest that the fund would not increase as he suggests.

        The tax on income over the LTA is 25% (conveniently not mentioned). If people are sold insurance policies for their investments with the usual funds then the total costs are at about 4.5% pa and this is more than double what we in the UK would charge. In other words, people are paying more than this “55%” tax already as the fund would grow at 0.5% pa not 5% pa. Colin can testify to that, I am sure.

        Since this firm is not on the CNMV register, then I can only assume insurance policies are sold. Let me guess, OMI or RL360 with a 10 year lock in on full commission?

        The tax “saved” in the example takes no account of the rising LTA. If one assumes an average CPI increase of 2.5% pa to 75 then (if the guy is now 60 as there is no date on this article, another error as any technical article should have one of they become misleading) there are 15 years to 75. By my reckoning, going by the current legislation which can change of course, the LTA will be 1,490,000. If the CPI averages 3% pa, then 1,600,000.

        When the fees that are applied at this level, the investor would probably take an income in retirement also, then I don’t think there would be any reason to move the funds to a QROPS . Better to leave the fund in the UK regulated environment of lower charges, even if the UK fund hit the LTA and there was some tax to pay then the net would result would be far better than the example given.

        As a final note, my wife is an English teacher and has told me that her year 9 students would be for the high jump if they put together something with such poor grammar and poor use of tenses.


  4. John Hayward
    July 5, 2018 @ 4:25 pm

    Dear Ms Brooks

    Please be aware that Spectrum companies are passported across the whole of the European Union under either Freedom of Establishment or Freedom of Services rules and this includes both Spain and the UK. We are therefore properly licensed and insured to provide all the advice for all the business we conduct.

    My CEO will be writing to you at your Granada address to explain in detail all the rules regarding financial advice in Europe, to answer your questions and to put right your misconceptions about our business.

    In the meantime he respectfully requests that you remove any reference to Spectrum from your website and that you and your colleague Rosemary Wallsworth cease making inaccurate claims about our group.

    Example – Rosemary implied in a Facebook post that Spectrum had lost her £150,000. She has never been a client of Spectrum and in fact has admitted she was a client of CWM.


    • Answer the bl...dy question
      July 5, 2018 @ 8:14 pm

      @ John

      Answer UK Oriented Questions. Why not explain it all on here?

      No attempt to answer a single question raised by him.

      RIY means reduction in yield and that is a cost to investors. Why is there a huge difference between international and UK? Can you explain this?

      Are you registered for investment advice or not?

      Smoke and mirrors, that is all this expat financial advice is about.


    • Angie
      July 9, 2018 @ 6:35 pm

      Does Spectrum have an investment license?


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