UAE-based Holborn Assets is the latest international financial advisory firm to get caught up in a UK regulatory crackdown on pension transfers.
The Financial Conduct Authority (FCA) has ordered Holborn’s UK division to cease all regulated pension transfer business introduced by overseas advisers with immediate effect.
Holborn Assets has headquarters in Dubai, with offices in both the UK and South Africa. However, the FCA order only applies to the regulated activities of the UK entity, Holborn Assets, in providing advice to transfer clients out of safeguarded pension scheme benefits.
Simon Parker, chief operating officer of Holborn Assets in the UAE, said the FCA’s move has no relevance to the company’s UAE customers. “Holborn Assets Insurance Brokers LLC is licensed by the UAE Insurance Authority for whom its business as usual,” he said.
According to Holborn in the UAE, its UK entity Holborn Assets Limited's licence was voluntarily suspended along with over 80 other companies and during this period it was in regular contact with the FCA to agree a process for it to offer pension transfer advice again in the future.
Experts say this review was part of a sustained FCA crackdown on international advisory firms that encourage British expats to transfer money out of their UK defined benefit final salary workplace schemes, and into offshore savings and investment plans.
In February, the London-based watchdog ordered the UK arm of another international advisory firm with a strong UAE presence, deVere Group, to stop providing reports on overseas pension transfers.
A notice on the FCA website states that under section 55L of the Financial Services and Markets Act (2000) Holborn Assets in the UK must “immediately cease all regulated activity relating to pension transfer business introduced by overseas advisers”.
The ban will stay in place until it can provide independent verification via a “Skilled Person” showing a “robust and compliant advisory process is in place in respect of the pension transfer business introduced by overseas advisers”.
Holborn must show that it is “adequately identifying and managing its conflicts of interest”.
The skilled person must undertake a review of the firm’s past pension transfer business, including business introduced by both overseas and UK advisers, to see if it complies with UK regulatory standards.
Any business currently in the pipeline must not proceed if the review shows that proposed advice is “unclear or unsuitable”.
The company is also barred from making any unusual or significant payments to shareholders, employees, officers or partners without prior consent from the FCA, until the review is complete.
The FCA order covers cases where foreign advisers contact Holborn’s UK arm asking it to arrange the pension transfer out.
Mr Parker said the FCA has no jurisdiction in the UAE and the company will continue to transfer pensions and perform other services for its expat customers. “Holborn Assets UK is still very much open for business and authorised by the UK regulator,” he added.
Mr Parker said there are still excellent reasons for a British expat to transfer their pension. “However, there are also excellent reasons as to why HM Revenue & Customs wouldn’t want this to happen, as they lose huge tax revenue.”
Earlier this month, the FCA tightened rules on Britons living outside of the European Economic Area (EEA) transferring pensions to qualifying recognised overseas pension schemes (Qrops).
James Badcock, partner at UK private client law firm Collyer Bristow said some transfers were legitimate but many were not. “The rules have been abused and some providers have marketed Qrops aggressively and led people to use them inappropriately.”
Geraint Davies, managing director at Montfort International, an FCA-regulated adviser in international pension transfers and taxation, said that anybody residing in the Middle East, who has transferred their UK pension to a Qrops since 2006 should contact the firm concerned and put on notice that they are contemplating a complaint for the advice process and demand a copy of all the paperwork.
“We have seen transfer after transfer which if conducted according to UK standards would never have proceeded. Many were from UK final salary schemes which have been described as unsuitable to get a sale,” he said.
Mr Davies said that any pension transfer report has to be of an extremely high standard and completely unbiased, and consider all tax, visa and currency consequences. “Since 2006, we have never seen a transfer process conducted and report issued by an overseas adviser that would meet our standards. I believe the UAE is flooded with victims,” he added.
He urged expats to shun any firm that does not charge an upfront fee for the technical pension transfer report. “It has a conflict of interest because the adviser will not get paid unless you transfer. It must be a completely independent report.”
Mr Davies added: “The FCA is clearly cracking down and is on a mission, they are getting more and more intelligence and will get more when they are contacted by potential victims. This won’t be the end. The system is broken and needs to be fixed.”
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The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
My Country: A Syrian Memoir
Kassem Eid, Bloomsbury
The biog
From: Upper Egypt
Age: 78
Family: a daughter in Egypt; a son in Dubai and his wife, Nabila
Favourite Abu Dhabi activity: walking near to Emirates Palace
Favourite building in Abu Dhabi: Emirates Palace
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
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Killing of Qassem Suleimani
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
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Khouli conviction
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For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
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Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
MATCH INFO
Qalandars 112-4 (10 ovs)
Banton 53 no
Northern Warriors 46 all out (9 ovs)
Kumara 3-10, Garton 3-10, Jordan 2-2, Prasanna 2-7
Qalandars win by six wickets
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
if you go
The flights
Air France offer flights from Dubai and Abu Dhabi to Cayenne, connecting in Paris from Dh7,300.
The tour
Cox & Kings (coxandkings.com) has a 14-night Hidden Guianas tour of Guyana, Suriname and French Guiana. It includes accommodation, domestic flights, transfers, a local tour manager and guided sightseeing. Contact for price.
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
COMPANY%20PROFILE
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Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Company Profile
Founders: Tamara Hachem and Yazid Erman
Based: Dubai
Launched: September 2019
Sector: health technology
Stage: seed
Investors: Oman Technology Fund, angel investor and grants from Sharjah's Sheraa and Ma'an Abu Dhabi
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs
Engine: 1.6-litre 4-cyl turbo
Power: 217hp at 5,750rpm
Torque: 300Nm at 1,900rpm
Transmission: eight-speed auto
Price: from Dh130,000
On sale: now
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now