As with everything, it's the few rotten apples that spoil it for the rest.
I'm pretty sure most of them are legit and do do their best for their customers.
Who is behind the site . Guy's full name here . Photo, Swiss address, more details here (webcache) .
It'd be veddy interesting to know what he is licensed as... as he shows up neither on the fund manager list nor on the authorised distributor list.
Not listed in the commercial register. Name very similar to this registered company . Many other registered firms with names starting "CBM".
Makes you wonder why people listing their management fees for 50m USD portfolios trawl expat forums for QROPS pensions
Knowing how to spell Pictet would help as well!
http://www.c-bm.biz/3pillar.html
I will attach a photo in case it gets corrected
Apparently CBM Investment Management (UK), 33a Richmond Road, New Barnet, Hertfordshire, UK, EN5 1SF i sn't known with the FSA either.
Nor is CBM Investment Management (USA), 950 N Kings Road, Suite 151, West Hollywood, CA 90069, USA known with the SEC.
I won't comment on the principal's name - maybe it is registered and I can't find it.
Hope allowed to respond. Thanks for identifying typo. On home page in Switzerland regulated under PolyReg a permitted SRO by Finma and further bound by ethical standards of CFA Institute. Regulated in EU under umbrella brokerage agreement, not required to be registered in USA by SEC under Foreign Private Advisers and non-RIA exemptions.
Just trying to help those that require professional assistance.
PolyReg is self-regulating and covers ALM only - so the " licensed to provide investment services in Switzerland under the provisions of FINMA " claim is misleading at best. FINMA hasn't licensed you or your firm in any way shape or form.
Bound by CFA ethical standards - you know as well as I do that this "bind" has a legal value of zero in case of client tort. Ask the CFA institute how many of the Lehmanites had their CFA revoked.
Umbrella brokerage agreement? Between you and the EU? The only way for you to be FSA exempt in the UK is under FSMA 39 by being a tied agent of an investment firm registered in the EEA (which Switzerland isn't part of).
"under the provisions"
As several 'IFAs' know we hate them on the forum, it's odd they would contact members by PM if they were not squeaky clean. It's the economy with the truth that always gets me!
FMF, Bound by confidentiality, therefore client information privileged. Required to ascertain suitability of advise, therefore that cannot be available for potential misuse by general public. Sorry if offended, how do you feel about politicians?
SMk2, I kinda remember something like a "prudential man/due diligence" concept in US law and negligence in UK law. CFA is a self regulating professional body, there is substantial case evidence of revocation of designation for ethical breach (may be some on their website).
For any other IFA's lurking :-
1) I don't wish to invest in managed funds, even if you offer 6,000 or more.
2) I wish to invest 100% of the funds in a maxamium of 10 NASDEQ quoted securities.
3) I want ZERO CHF exposure, ZERO bonds & I DO NOT want diversification.
4) ZERO mamagement charges.
5) Stock exchange transaction charges max $10
6) I don't wish to have any advice.
Becoming 100% self employed is the only way I can see that I can achieve all of the above!
Yes, thank you - your US law quote has no bearing on your Swiss activities. Let's steer back to the FINMA "license", shall we.
Negligence in UK law? So are you or are you not a tied agent?
Revocation of designation.... what - 60 of how many hundred thousand members? CFA Institute has no activity oversight capacity nor legal standard enforcing privileges.
B.o.l.l.o.x.
SMk2, not so sure of FSA regulations, but agent with EU brokerage, therefore assume your exemption is the correct one.
Going out now, have a good evening.
It's a legal requirement in the UK to explain if your a tied agent or not........
Perhaps you can check out the regulations & report back tomorrow. Not forgetting the FINMA "license" bit ........
Office in the UK, you advise on QROPS and "aren't sure" of FSA regulations? Well done.
Agent with EU brokerage? I thought you were "independent".
I rest my case.
It is funny how the "passporting rules" under MIFID are abused by some.
Here is the short of it:
If you are licensed by the FSA and you apply for passporting to, say, Germany (not sure if you can actually passport to CH, but others will know or find out) you can only do so if you have clients in Germany that you advise from abroad and meat occasionally when travelling over to Germany to meet them. All that time you are bound to the rules and regulation in the UK /under FSA.
This game stops when you have a branch and/or locally resident advisors in the other country --- you can'T be passporting then, claiming to be under the regulation of Malta or Cyprus...you fall under the local rules and regulations and have to obey by them. Unless you specifically mention them in your passporting application and get them approved. But most of the perps never do that.
Cheerio
http://www.finma.ch/e/regulierung/Pa...gulierung.aspx
Please read first line.
The UK address is the base for occasional meetings. At present none of my Swiss resident clients have returned to the UK.
Hope all is clear, but all is done in initial client meeting and before any transaction. Thank you all for your probing questions.
Please note that I am a UK expat who has been resident in Switzerland for less than 10 months, with twenty years experience in financial services. My offer is an alternative to the many "to-big-to-fail-institutions" where employees/the company have been subject to regulatory or related legal proceedings or, subject to receiving Public Money to maintain their status. If you wish to maintain the status quo please continue to berate the start-up.