Meyado's Christmas Event in Singapore

Thanks to attendees of the Meyado 2012 Christmas Ice Skating event at Kallang on Sunday.  This is the third time we've run this event and it was the best by far!

 

    The Meyado team in Singapore
Ice Skating in Singapore may not seem the obvious past time activity which is why we always like to host this event. 

Additional thanks to all those who contributed to the Childrens Society of Singapore raffle and congratulations to the winner who gets a lovely Marks and Spencer hamper for Christmas.


Mark Paine
Managing Director
Meyado Singapore
www.meyado.com.sg

Financial Adviser Jobs in Singapore

We currently have one remaining vaccancy for a financial adviser in Singapore.

Ideally candidates require a degree in order to secure an Employment Pass from the Singapore government, as well as three years regulated experience of providing financial advice.

Candidates will be required to have, or be exempt from passing the CMFAS exams M5, 8, 9, 8a and 9a.

Apply in writing via our website www.meyado.com.sg

Mark Paine
Meyado Singapore

Exchange Traded Notes

The exchange-traded notes (ETNs) market in the US and Europe is becoming more complementary and bespoke, while the enhanced exposure ETNs can provide is taking market access to the next stage. Sarah Nowakowska reports

They are known for their low cost, ease of access and portfolio diversification potential, and since their first inception in the US in 2006, exchange-traded notes (ETNs) have become an integral part of the exchange-traded products (ETP) platform both in Europe and the US. Exchange-traded products have seen strong developments and growth in the past two years, but the most popular and fast-expanding remain exchange-traded funds (ETFs), which dominate in terms of assets and number of products listed. According to the US National Stock Exchange, assets in US-listed ETFs and exchange-traded notes totalled approximately $1.064 trillion as of August, an increase of more than 31% compared with August 2010, when assets hovered around $815 billion - a number led by ETFs, with ETNs representing a small percentage of the total.

"Most exchange-traded products are physical or swap-based ETFs, which make up around 90% of the market," says Axel Lomholt, head of ETF products, iShares for Europe, the Middle East and Africa (EMEA). "The remainder of it is made up of ETNs and exchange-traded commodities. There is scope for growth in the ETN market, but the question is how much it is going to grow. This market will grow and get better, but not to a level some people believe."

While the fast growth initially predicted for ETNs failed to materialise - partly due to their status as unsecured debt securities putting the spotlight on the credit risk they involve - the opportunity they offer investors to gain exposure to otherwise hard-to-access asset classes is giving them a more strategic role in investment portfolios. They can also offer the same attributes - such as transparency of fees, liquidity and being listed - that characterise ETFs, but minus the tracking error that can be an issue with physically backed ETFs. Although ETNs are unlikely to be regarded as a contender to the remarkable growth of ETFs, they are finding a place as a flexible investment vehicle that can incorporate customised strategies to enhance the type of exposure sought, which could help build a global presence that includes Asia.

Taking the bespoke route

One of the more noticeable market access stories has been that of accessing volatility, which has become increasingly popular in recent weeks as equity markets took a tumble. Exchange-traded notes are one of few existing vehicles to enable exposure to volatility to either hedge positions or take advantage of strong market movements. "The concept of volatility in terms of controlling and managing it is a key theme this year. There is good demand for products that either give direct access to volatility or have volatility controls that give access to a market but maintain your volatility at a constant level," says Michael Clarke, managing director, structured products at Credit Suisse in New York.

Investing in volatility involves rolling futures in volatility, but one of the issues that arose was the cost of carry that makes volatility futures prone to the same negative roll cost commodities futures experience in a contango situation. While ETNs can represent an effective way of accessing volatility and enable a more broad-based set of investors to access it, the challenge has been to try and mitigate the cost of carry

that can result from holding a product for too long, particularly short-term volatility products designed to be more of a trading product than a long-only one.

"ETNs target a wide investor base that was not familiar with these types of products before, and give them some kind of market access to this type of asset class," says Arnaud Jobert, part of the equity derivatives structuring team for EMEA at JP Morgan in London. "However, it can be risky to hold a simple, outright long exposure through an ETN because your gains can be wiped out suddenly."

Although ETNs are a good market access story, says Jobert, ETNs alone are often meant to be more of a pure market access product that requires active trading. "Institutional investors tend to prefer a more bespoke approach through a broader set of strategies, where they can dynamically allocate their holdings to a wider range of exposures depending on whether the focus is on an outright long volatility profile, such as a tail hedge type of product, or a more cost-efficient carry trade," he says.

Addressing the issue of carry cost, Barclays Capital recently expanded its suite of volatility-linked exchanged-traded products with the listing of the iPath S&P 500 Dynamic Vix ETN on the New York Stock Exchange (NYSE). The aim was to offer a product investors could hold that would require less active management to access equity market volatility as a means to hedge their portfolio. The product incorporates a strategy that dynamically allocates between the S&P 500 Vix Short-Term Futures Index Excess Return and the S&P 500 Vix Mid-Term Futures Index, and is designed to be more efficient than the bank's iPath S&P 500 Vix Mid-Term Futures ETN (VXZ) by incorporating some allocation into the iPath S&P 500 Vix Short-Term Futures ETN (VXX).

"Our VXX short-term volatility product is more of a trading/institutional product and not a long-only investor product," says Ian Merrill, director for investor solutions at Barclays Capital in New York. "VXX has the most roll cost, so if you were to hold onto that for longer than a week or two you could see material deterioration. The dynamic volatility product minimises [the roll cost] even further because it allocates short- versus mid-term to mitigate it."

Other banks have also developed strategies that aim to capture volatility more efficiently through ETNs. Credit Suisse's strategy has been to look at hedge fund-linked strategies that replicate hedge fund returns and volatility strategies, for which an ETN wrapper lends itself well because there is no tracking error, and it makes it more tax-efficient than a fund for US individuals, says Clarke.

The bank has raised $500 million-$600 million in assets under management (AUM) since the launch of its six volatility ETNs in November last year. During the peak of the crisis that battered equity markets in August, its inverse Vix short-term ETN peaked at more than 31 million shares traded on August 9, with volumes regularly exceeding 10 million shares traded over August.

However, the credit risk component attached to ETNs as unsecured debt securities, which in effect makes them as secure as the institution that issues them, still affects the scope for development of the ETN market. This prompted UBS to focus on a more bespoke approach aimed at investors such as traders rather than longer-term buy-and-hold investors. "We focus on launching products that, for whatever reason, are less attractive as an ETF," says Christopher Yeagley, head of US structured equity products at UBS in New York. "The ETN market in the US has grown tremendously. In 2008, it was just under $4 billion in assets under management; today it's closer to $16 billion AUM."

Another focus for the bank has been to build a complementary business rather than a competitive one against ETFs. In September, UBS launched 12 new volatility ETNs consisting of six long and six short products for investors who want to be precise as to where they want to pick their volatility exposure, says Yeagley. "ETNs are usually the better mouse trap when it comes to getting managed limited partnership company exposure (MLP). One of the drivers for MLP ETNs' popularity is that they can have tremendous yield, but in a fund or ETF it's very negative from a tax perspective," he says.

Seeking to minimise the credit risk ETNs entail, BNP Paribas started to offer fully collateralised ETNs. The aim is to offer investors "the best of both worlds", says Bertrand Delarue, head of institutional product engineering at BNP Paribas in Paris, where the ETF can offer the liquidity and transparency and the ETN a greater product selection. "Collateral is key, but even more so for some ETNs such as volatility-indexed ETNs, which are supposed to provide some protection to investors in cases of market crashes, such as in situations when the issuer is under stress," he adds.

The first ETN launched by the bank is linked to the Eurostoxx 50 volatility controlled index and is collateralised using liquid assets as collateral such as G-7 bonds and eurobonds. The aim is to have the ability to offer exchange-traded, liquid and listed investment vehicles that can be launched quickly in a cost-efficient way and meet market expectations in terms of the volatility of exposures sought, says Jean-Eric Pacini, global head of structuring for equity derivatives at BNP Paribas in London.

Beyond volatility, ETNs can be used to access a particular underlying that could not be accessed easily by other products, while retaining the exchange-traded features attractive to investors. The flexibility an ETN provides means it can also allow banks to offer innovative investment strategies within the grasp of investors who have constraints, adds Delarue, such as only being able to trade listed products or products easy to account for, as well as value and sell. "The scope for the underlying product is much wider, and anything that is relatively liquid can be structured as an ETN," says Delarue. "It's a good way for banks to sell products in a convenient wrapper for clients. Just as ETFs were launched some time ago and found their place in investors' portfolios without displacing active managers, ETNs will probably do the same... The ETN market is likely to grow and be to the structured products market what the ETF market has been to the asset management industry."

Exchange-traded note wrappers are also popular to access those commodities that are less efficient or hard to access through an ETF, while leaving room for more bespoke strategies to be incorporated to enhance the type of exposure investors seek. Royal Bank of Scotland (RBS) recently added a fourth ETN to its suite of RBS Trendpilot ETNs. Linked to oil and listed on the NYSE Arca platform in the US, the ETN is designed for investors such as financial advisers who seek a trend-following strategy that can mitigate the volatility of investing in oil. As such, the tactical strategy on which the product is based aims to allow long-term exposure in bull markets and the ability to be pulled out in bear markets to mitigate risks.

In Europe, where a listed certificates market was already in existence before the first ETN was listed in 2009, ETNs have become a very scalable business, says Patrick Grob, head of structured derivatives sales, EMEA at UBS in London. The bank's turnover has also grown from 8% in August 2010 to 10% in August 2011. "Markets are now much more difficult to navigate and require flexibility, which is something ETNs can provide by bringing access to a variety of asset exposures that couldn't be accessed previously," says Grob. "In the case of emerging and frontier markets, for instance, not all countries are readily investable. ETNs can give access to such markets in one convenient transaction."

The Japan milestone

There has been little in terms of development in Asia so far beyond the first cross-listing of a commodity ETN in Singapore by Barclays Capital in 2009. This, however, may be set to change, as the bank recently listed a total of 10 ETNs on the Tokyo stock exchange in Japan through its iPath platform. The first nine ETNs, giving access to commodities and volatility, were listed in two phases in the form of Japan depositary receipts (JDRs), a structure needed for an ETN listing in Japan that works like beneficiary certificates issued by trust banks in exchange for foreign ETNs as trust assets, and which are treated as securities. "The launch of the first ETNs in Japan was a long process because there was a need to create the JDR/ETN platform," says Merrill. "What was interesting about it was that our European iPath ETNs were essentially wrapped in the Japanese JDR, which can improve the liquidity of the European products themselves while at the same time accessing the Japanese market, so this represented a great opportunity."

The S&P 500 Vix Short-Term Futures JDR was the tenth ETN the bank listed in September, giving exposure to volatility, and aimed at individual investors who actively trade as well as hedgers who tend to have long portfolios in equities and seek to hedge according to market circumstances. "This is a completely new product to Japanese investors, and judging from the current market circumstances, listing a volatility product is very timely," says Yasuhiro Ishibashi, head of the investor solutions sales division for Japan at Barclays Capital in Tokyo. "We're already seeing interest from non-Japan Asian clients, as there is no volatility iPath ETN outside Japan in Asia."

The bank is working towards issuing more ETNs in Japan, including the possibility of listing FX and interest rates-linked ETNs, while leveraged products could also be added if a deregulation takes place in the future, says Ishibashi, as regulations for now do not allow such products to be listed on the Japanese market.

The ETN's scope for growth in other regions of Asia is less clear, however, partly because it is a relative newcomer and the exchange-traded market itself is not yet as mature as in the US or Europe. "It's possible that as ETFs develop, ETNs could follow behind, making it easier for ETN providers to introduce the products," says Marco Montanari, director, head of db X-trackers ETFs and db-X funds at Deutsche Bank in Hong Kong. "As a first step, you need to have products, and right now there is only one ETN listed in Singapore."

Another issue affecting the market growth potential of ETNs has to do with counterparty risk, and the fact ETNs have a 100% counterparty risk is a concern for regulators, adds Montanari. Competition from existing alternative products that track an index, such as equity-linked products, could also dampen developments in Asia. "If they can provide a specific, niche access to a market, then [it would help]," says Singapore-based investment adviser Jean-Philippe Lionnet at Meyado Private Wealth Management. "The credit risk is an issue for investors. Right now, there aren't enough ETFs and the lack of creation of a liquid market makes it hard for ETNs."

Although ETNs could be collateralised as a way of reducing counterparty risk, the issue that would arise is that of losing the product's attractive low-cost feature. "If you collateralise an ETN, it could be that the price becomes similar to an ETF, and although it becomes a product with a reduced level of risk, there would be a collateral to pay, so you would get more protection but at a higher cost," says Montanari. "If the choice is between a collateralised ETN and a Ucits-compliant ETF, we choose the latter because it is more recognised in the region and it sells."

Barclays has been working towards raising product awareness in Asia as well as other parts of the globe, where ETNs are still mostly absent from markets, by cross-listing ETNs as a first step, although one of the main issues for the bank is to reassure regulators about unsecured debt. "Credit risk is something certain investors have an appetite for, and an uncollateralised product is not necessarily a bad thing if you're getting access without tracking error," says Merrill.

The bank is also looking at ways to access the Latin American market, where certain regulatory regimes needed for ETN listing have not yet been approved. The existence of an investor demand for such products is however in the product's favour, says Merrill. "With each successful launch in other countries, regulators will see the usefulness of these products for certain investors and they will take a closer look at the structures," he says. "What drives a lot of that is institutional investors around the world, who cite the tracking error that can occur with ETFs, so if the ETN gives you closer access to an index's return that's harder to reach, like volatility, they'd like to take a closer look. ETFs are a much bigger market and always will be, [but] there is room for all of them, and it depends on what asset class and the type of investor."

Meyado participate in the Run for Hope

On Sunday the Meyado Singapore team participated in the annual Run for Hope.

10,000 participated in the 20th annual run to raise funds and awareness for cancer research.

Meyado has a tradition of participating in such events locally.

Mark Paine
Meyado
Singapore

Meyado Run for Hope

On Sunday 18th November 2012, the Meyado Singapore team will participate in the Run for Hope 10k event.  Full details of the event are here.  Last year the team entered the Standard Chartered marathon in Singapore.  "It's a great opportunity to have some inter team competitiveness played out in a positive and healthy way", says Mark Paine, Managing Director. "I'm a big fan of any events like this which gets us office dwellers off our chairs and exercising", he went on to say.

"Cancer is very much on my mind these days", Paine explains, "I recently lost someone close to me with cancer, and another is battling with it".

Run for Hope raises funds and awareness for Cancer Research and is in its 20th year.

Mark Paine
Meyado
Singapore

International Adviser Article on Meyado

http://www.meyado.com.sg/images/pdf/international%20adviser%20article%20nov%202012.pdf

Get your swager on

No I haven't spelled swager incorrectly - well at least not as the new acronym that is doing the rounds of Wall Street of late.

Swager stands for Silver, Wine, Art, Gold, Energy and Real Estate - these being real assets widely touted as the undiscovered appreciating assets of the future in the US.

We have experienced growth in these physical products for years in Asia.  Just try and buy a bottle of Petrus in Singapore and you'll know what I mean.  The knock on effect of demand of this nature has propped up many a vinyard in France over the past half decade.

Domestic inflation in the US however would mean the increase in prices of precious metals, quality vintage wines, as well as high end spirits (think whiskey), energy prices, both fossil and renewable and that most influential of assets - property.

We are definitely at the early stage of this group of assets being an asstute investment as it could be argued there are deflationary rather than inflationary pressures in the US.  However, the early bird catches the worm and these could be assets your pension fund is crying out for.

Please consult your adviser before making any decisions.

Mark Paine
Singapore
Meyado

Rules of Thumb for Savers

Some basics for savers - we get asked these all the time so you may find some useful;

Q.  How much cash should I keep by?
A.  3 times your monthly expenditure in an instant access account if you are in a stable job and have been there for some time, double that if you are self employed or worried about job stability.

Q.  How much should I be saving?
A.  Rule of thumb is half your age as a percentage of your monthly income after tax.  So a 40 year old should be saving 20% of his income. 

Q.  How much money do I need to retire?
A.  20 times your annual income retirement.  So if you want 50,000 a year you need a million invested.

I'll post up more as I think of them!

Mark Paine
Meyado
Singapore
www.meyado.com.sg

Long term saving is boring

In my 20 year career as a financial adviser I've come across two types of people when it comes to money management; those who spend what they have, and often more than they have, and those frugal folks who always seem to be able to squirrel something away at the end of each month.

A very typical scenario is the corporate expat - housing, schooling, insurance, business class trips back home, car and more all covered. Fat, low tax salaries should mean these are my wealthiest clients, but more often than not they aren't. Wow, these guys can spend it. I usually highlight to these guys that whilst it is great to have a brilliant photo album at the end of their overseas experience an empty bank account is not so alluring.

My wealthiest clients are without fail those who experience capital evens. The sale of a house (eg in Dubai in 2007 one client realized £2m on the sale of a Palm Island property), or the sale of a business.

Next on the list though are not all big earners, they are frugal spenders and good savers.

Boring some might say, but that tends to be the big spenders. The ones that start to have a problem at 55 when they realize they have no pension, can't afford inflated insurance costs and still won't change their ways.

Perhaps a balance in life is the way forward, live in the moment but keep an eye on the future.

Mark Paine
Meyado
www. Meyado.com.sg

Life Insurance and Critical Illness Insurance

For the uninitiated insurance can be a complete minefield.  The vast majority of our clients work for multi nationals and have 'In Service' benefits which are usually in the range of three times annual salary paid out on death.  They usually feel that they are adequately covered, but this could be a mistake.

There are a number of problems with this cover however.  Very often there are exclusions which could be as extreme as cancelling insurance in the instance of a long term illness.  Should you leave your employer your insurance will cease, either immediately on departure, or shortly after. 

In an ideal world we would all take out insurance at a young age and pay very low premiums, and eventually receive no benefit at all from the insurance - i.e. we live a long life!  In reality the average age of client we talk to about increased insurance cover is 42.  At this age insurance is still affordable, but will be a more significant amount to pay. 

It is often advisable to add in 'riders' to provide accelerated benefits.  These are conditions whereby on the occurrence of an event - such as diagnosis of a critical illness, or an accident or disease leading to disability - will result in a lump sum payment.

This payment could make a huge difference to your quality of life at a very difficult time.  Ordinarily these payments are an acceleration of your life benefits and will reduce the eventual payment your estate will receive.

This is of course by no means an exhaustive explanation of life insurance, but will hopefully make you aware enough of critical illness cover to speak with your adviser.

For more information contact me

Mark Paine
Meyado
Singapore
www.meyado.com.sg

A Meeting of Minds

Yesterday I attended an all day conference for owners and managers of private banks and wealth management firms from Singapore and Hong Kong.

The event had three main focuses; presentations, work groups and networking.

The FAIR principles were a peeve land topic of discussion and representatives from the Financial Planning Association were present and available to discuss potential implications.

As with most conferences of this type hot agenda topics were fair treatment of clients, sustainable business models and the future of the industry.

There is a follow up breakfast in January I am very much looking forward to.

Mark Paine
Meyado
Singapore
Www. Meyado.com.sg

Asset Allocations for Zurich International Life

The new asset allocation recommendation for Zurich savings plans will be available at the end of this week  - these will be relevant for Q4

If you do not receive this directly you will be able to retrieve this from our Member web site www.meyado.com , or by contacting admin@meyado.com

Mark Paine
Meyado

Positions Vacant at Meyado Singapore

Current positions available at Meyado Private Wealth Management Singapore Pte Limited;

Senior Adviser

Advisers with 3 years plus regulated experience
Salary available dependent upon AUM
Purchase of existing book of business also available

Adviser
Graduate
Up to 3 years experience as a financial adviser / banker / accountant / tax adviser
Advance on commissions available plus set up allowance

Business Development Manager
Assistant to a senior adviser
Assist in preparation of recommendations, marketing and appointing new clients
Salary available dependent upon experience
Must be a graduate or Singapore citizen or PR

Benefits for all positions include training, marketing support, subsidised health insurance and full admin support.

For full details of all positions please visit our website;

www.meyado.com.sg
or contact us with your resume by email at singapore@meyado.com.sg

Euro / Singapore Dollar Exchange Rate

From 2008 to 2010 we endured a double whammy in investment performance because of poor perfroming markets as well as a rapidly declining USD / GBP base against SGD.  There were few SGD hedged investments at that time because for so long the rates had been heading the opposite direction so nobody wanted to hold SGD.

In 2012 things have stabalised more with USD / GBP against SGD - that is to say both currencies are relatively weak, especially sterling and many investors are now taking a view that they may increase their long exposure to these currencies.

Where we are left floundering is with the Euro.  Many of our investors have a euro base, that they will return to.  Relatively in SGD their investments are looking worse than they might because of the currency decline, falling almost 14% in the last 12 months, so even the best euro investments will have lost money in that time period.

We have researched and established a good portfolio hedge to counter this, and achieve stability in return, and also keeping a Euro base for those clients looking to repatriate in the long term.  Of course every individual will see things differently but we are able to tailor a solution for our clients based on bespoke needs, no matter what size the portfolio.

Mark Paine
Meyado
Singapore
www.meyado.com.sg

Financial Advice in Singapore

Unbelievably there are only 16 weeks now until year end.  Traditionally this is a busy time for Financial Advisers, and 2012 looks like it is going to be even more active than ever.

Meyado undergoes reviews of clients portfolios on a regular basis but clients tend to look at their investments on a quarterly or bi annual basis - with the summer break over many clients are now taking an interest in their positions.

As we have been very much out of equity markets since the end of Q1 lots of investors are asking is now a time to get back in.  Taken on balance with your risk profile and time horizons, that could very well be the case, but in specific markets and even more importantly sectors of those markets.

Mark Paine
Meyado
Singapore
www.meyado.com.sg

Office closure Monday 20th August

The Meyado Singapore office will be closed Monday 20th August for the public holiday. Normal service will resume Tuesday 21st.

Mark Paine
Meyado
Singapore

Meyado Seminar Wednesday 25th July

We are hosting a seminar on Wednesday which will comprise of a presentation by Andrew Finch of Collins Stewart on whether our money is best off in the markets, or under the mattress!

All are welcome on an RSVP basis.

Please view the details on our website and reply to events@meyado.com

Mark Paine
Meyado
Singapore

Meyado Singapore

Meyado in Singapore has had a fantastic start to the year.  The stock markets, have in contrast, had a rockier ride.  Q1 was promising and most emerged markets recovered well, continuing the run from 2011.  Q2 was a very different story however and markets fell back to January levels.  Q3 is showing slightly more positive but we are still in a volatile market, rather than a directional one.

So why are we doing so well?  At Meyado we understand that investment does not always equate to stock markets.  We have a plethora of investments in fixed interest, alternatives, and other asset backed investment classes that are doing extremely well.

Perhaps now is a good time to talk to one of our advisers about what the opportunities in the market are?

Mark Paine
Meyado
Singapore

QROPS, QNUPS or SIPPS?

Not such an easy answer now. With taxation at source, IHT, DTA's and GAD, QROP decisions are made all the more complex.

The main factors to consider, in my view, are; will you return to the UK for your retirement, can you manage your money better than your current pension manager, are the fees worth it and is IHT of concern.

We have spent many hours researching all of these questions and have talked to QROP providers in all three current popular locations (Malta, New Zealand and Isle of Man).

Contact me to discuss further.

Mark Paine
Meyado
Www.meyado.com.sg

The Future of personal financial advice in Singapore

With Financial Advice Industry Review underway in Singapore many advisers are questionning the future of financial services in Singapore.  Or more specifically their own future and that of the firms which they work for.

There is no doubt that a better deal for clients is in everyones interest.  How best to achieve that is the big question.

Meyado has already undergone, successfully, the RDR changes in the UK and is happy to follow a similar business model in Singapore.

Essentially Meyado is already geared toward fee based financial advice, which seems to be one direction the industry could take.  Clients on the other hand are a very long way from understanding, or willingness to pay for financial advice.  Thus, a large amount of time and effort needs to be taken by the MAS to educate the market as to the benefits of professional advice.

For more information on fee based advice in Singapore visit our website or drop me a line directly and I can put you in touch with one of our advisors.

Mark Paine
Meyado Singapore
www.meyado.com.sg

Jean - Philippe Lionnet's Blog Address

Visit one of our advisors blogs here;

http://jean-philipe.posterous.com/

Mark Paine
Meyado

University fees on the rise in the UK

The average cost of a university education in the UK is now the third most expensive in the world after the US and Korea according to the Daily Telegraph. If paying for accomodation, as well as tuition fees and living allowance, a 3 year course could cost in excess of GBP60,000 and looks set to rise in the future. Saving 140 pounds a month would create enough capital to put a 5 year old through uni in 13 years time.

Mark Paine
Meyado
www.meyado.com.sg

QROP Review

Contact me for a full explanation of QROPS and a review of your UK pensions to see if it makes sense for you.

Initial Consultation is free of charge and we are happy to work on a fee basis.

Mark Paine
Meyado
www.meyado.com.sg

UK Budget : Affects on QROPS

The UK government, in its budget announced changes to the rules governing Qualifying Recognised Offshore Pension Schemes (QROPS). One of the major developments is in regards to tax relief benefits, or the Benefits Exemption Test, which seek to unify tax relief of benefits for scheme members of QROP schemes who are non resident in the country where the scheme is established, and those who are. Whilst this change was expected we understand that jurisdictions such as Guernsey and Isle of Man are looking to address the differences.

The other significant development is the introduction of a 10 year reporting obligation for any benefits paid to members, whilst retaining the 5 year rule for payment of benefits to remain within the UK limits (tax free lump sums and GAD draw down for example).

Mark Paine
Meyado
www.meyado.com.sg

New Exam Requirements from the MAS in Singapore

All advisers are now required to pass 5 exams in order to qualify to provide financial advice in Singapore. These exams must also be passed by existing advisers by 30th June 2012.

Additional to the existing M5,M8 and M9 the MAS have now introduced M8a and M9a.

For advisers wishing to advice on health insurance there is also a requirement to pass the HI exam.

All exams are managed by the Singapore College of Insurance (SCI).

More information is available here

www.scicollege.org.sg
www.mas.gov.sg

Mark Paine
Meyado
www.meyado.com.sg

Meyado Singapore PRESS RELEASE

Press Release from Meyado Singapore on 2011 Results.

Click Here

QROP Changes imminent Meyado warns

There are changes about to be announced from the UK in the way in which QROPS are treated. HMRC have been in consultation for some time now and are due to announce their findings after the January 31st deadline. Essentially HMRC will not allow countries to create more favourable tax environments for QROPS than for their domestic population. This may mean reduced tax benefits for QROPS in jurisdictions such as Guernsey. Clients are advised to consult with their adviser to discuss any potential impact this may have on their own personal circumstances.

Gong Xi Fa Cai From Meyado

The Chinese New Year celebrations take place this weekend in Singapore as we enter the Year of the Dragon