General information guide. Not financial or legal advice. For a free case assessment, use the button below.
Start your free assessment → Download this guide (PDF) ↓A Qualifying Recognised Overseas Pension Scheme (QROPS) is a pension scheme based outside the UK that meets HMRC requirements to receive transfers from UK-registered pension schemes. QROPS were widely promoted to British expatriates as a tax-efficient way to take their UK pension savings overseas.
Many QROPS transfers were arranged by overseas advisory firms — frequently not FCA-authorised — that recommended high-cost, commission-heavy QROPS structures with inappropriate underlying investments. Clients often did not understand the charges, the loss of UK regulatory protection, or that they were permanently giving up valuable UK pension rights.
Where the adviser was not FCA-authorised at time of transfer, FSMA s.27 provides a powerful civil court remedy — the QROPS contract may be unenforceable and the full transfer value recoverable. Adams v Options UK [2021] EWCA Civ 1188 confirmed this principle for SIPP cases; the same analysis applies to QROPS arrangements involving unregulated introducers.
From 9 March 2017, HMRC introduced an overseas transfer charge of 25% on transfers to QROPS. Clients who transferred after this date without being properly advised about the OTC may have additional grounds for complaint relating to the tax cost of the transfer.
QROPS mis-selling claims can be brought via FOS (where the UK-authorised entity is still trading), FSCS (where the UK-authorised entity has failed), or civil court proceedings under FSMA s.27. International clients have full access to UK compensation routes. Time limits apply.
You can complain directly to the firm, refer to the Financial Ombudsman Service or apply to the FSCS — all completely free. If you use the free routes, you keep 100% of any compensation.
| Redress received | Max % | Max fee |
|---|---|---|
| Up to £1,499 | 30% | £420 |
| £1,500–£9,999 | 28% | £2,500 |
| £10,000–£24,999 | 25% | £5,000 |
| £25,000–£49,999 | 20% | £7,500 |
| £50,000 and above | 15% | £10,000 |
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) & CMCOB 5.2. Excl. VAT.
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) and CMCOB 5.2. Excl. VAT.
Cancel any agreement with us within 14 days of signing, without charge or obligation. No questions asked.
Contact complaints@redressadvisory.com. If unresolved, refer to the Financial Ombudsman Service free of charge within 6 months of our final response.