Thousands of QROPS holders are stuck with an adviser they never hear from — or no adviser at all. The firm that sold the scheme may have closed, lost its licence, or simply stopped calling once the commission was banked. The good news: you can appoint a new adviser to an existing QROPS without transferring the pension anywhere. It’s called a transfer of agency, and it usually takes four to six weeks.
Signs you need a new QROPS adviser
- You’re an “orphaned client.” Your original adviser has left the industry, moved country, or their firm no longer exists — yet trail commission may still be flowing out of your fund.
- No annual review. A pension of any size should be formally reviewed at least yearly. Silence is a service failure you are paying for.
- Your adviser isn’t licensed where you live. Since 2021, Malta has required the adviser on a Malta QROPS to be regulated for investment advice in the member’s country of residence. Many members’ original advisers no longer qualify.
- You’ve moved — they haven’t. An adviser in Dubai has limited ability (and often no permission) to advise you now you’re back in Surrey.
- Opaque or excessive charges. If you can’t get a clear answer on fees, that is the answer. See QROPS Fees and Charges Explained.
- Every recommendation is a product. Good advice sometimes means doing nothing. If every review ends in a new fund, bond or switch, ask who benefits.
What is a transfer of agency?
A transfer of agency changes the servicing adviser recorded on your QROPS and its underlying investments. The pension itself does not move: same trustee, same scheme, same tax position. What changes is who advises you, who receives adviser remuneration, and — critically — whether commission-laden arrangements get replaced with transparent fees and clean share classes.
It is the lowest-friction way to fix a neglected QROPS, and it is often the sensible first step even when a full transfer to the UK may follow later, because a competent adviser can then manage any restructuring in the right order (for example, waiting out a bond surrender penalty before transferring — see our complete guide to transferring a QROPS back to the UK).
How to change your QROPS adviser: step by step
- Choose a properly regulated replacement. Check the adviser is authorised for investment advice in your country of residence — FCA-authorised if you live in the UK. Verify on the regulator’s public register.
- Ask the new adviser to review the scheme first. Fee audit, share-class check, bond surrender schedule, benefit options. You want to know what they’ll fix.
- Sign a letter of authority / change-of-agency form. The new adviser sends this to the QROPS trustee and any bond or platform provider.
- The trustee updates its records. Existing adviser permissions and remuneration are cancelled and the new terms take effect.
- Agree the ongoing service in writing. Fee, review frequency, and what’s included.
Most transfers of agency complete in four to six weeks. Your investments stay in place throughout — nothing is sold unless you later agree to changes.
What should a good QROPS adviser look like?
- Regulated in your country of residence, with pension-transfer expertise on the register
- Fee-based, quoted in pounds — not commission dressed up as “no cost to you”
- Cross-border competence: UK pension rules, your local tax rules, and the treaty between them
- Willing to recommend against themselves — including telling you a QROPS is fine as it is, or that a UK SIPP would now serve you better
A note from Edale
Edale is an FCA-regulated, fee-based UK adviser specialising in expat and cross-border planning. We act for many clients who came to us orphaned — their QROPS untouched for years, fees quietly compounding. A change of agency to Edale starts with a plain-English review of what you own and what it costs, and a written recommendation you can act on or not. Start with a conversation.
Frequently asked questions
Can I change the adviser on my QROPS without transferring the pension?
Yes. A transfer of agency changes the servicing adviser on your existing QROPS without moving the scheme, the trustee or your investments. You sign a change-of-agency letter, the trustee updates its records, and the process typically completes within four to six weeks.
How long does a QROPS transfer of agency take?
A transfer of agency usually completes in four to six weeks, compared with six to eight weeks for a full QROPS-to-SIPP transfer. Your investments remain in place throughout, and nothing is sold or restructured unless you subsequently agree to it.
What happens if my QROPS adviser has disappeared?
If your QROPS adviser has gone, you are an “orphaned client”: the scheme continues, but no one reviews it and trail commission may still be deducted. You can appoint a new regulated adviser via a transfer of agency and redirect or eliminate that remuneration.
Who is allowed to advise on a Malta QROPS?
Since 2021, the adviser on a Malta QROPS must be licensed to give investment advice in the member’s country of residence — for UK residents, that means FCA authorisation. Members whose advisers no longer meet this requirement should appoint one who does.
Will changing my QROPS adviser cost me anything?
The change of agency itself is usually free or subject to a small trustee administration fee. Your new adviser’s fees replace the old adviser’s remuneration — and because a fee-based adviser will typically strip out commission share classes, total costs often fall.