What happened in Singapore
Singapore hosts one of the largest concentrations of UK financial professionals and expats in Asia. deVere Group and Chase Buchanan both operated significantly in Singapore, advising UK nationals on pension transfers into QROPS and SIPP structures. Typical CETVs for Singapore-based clients often exceed £500,000.
The Fletcher [2024] Court of Appeal decision has significantly strengthened the legal basis for Route 4 claims arising from Singapore-based pension transfers. Route 2 FOS is also assessed in parallel. The Singapore market is considered largely untapped — most affected clients have never complained.
Who this affects
UK nationals currently or previously based in Singapore who were advised to transfer a UK DB or DC pension into a QROPS, SIPP, or offshore structure.