Expats: beware the exotic pond life

Affluent expats are a magnet for scammers and salesmen while living abroad. Sarah Moore offers some tips to avoid getting ripped off.

There are many advantages to working and living abroad: better weather, lower living costs and perhaps even a higher salary. But access to good financial advice isn't usually one of them. Many expatriates are being well and truly ripped off, says Jason Butler in the FT. "Concentrations of affluent people in poorly regulated or unregulated countries have been a magnet for the unethical, greedy and incompetent financial services pond life which has been gradually expunged from the UK."

This problem exists because the financial industry in the UK is more strictly regulated than it used to be, thanks in part to the introduction of rules a few years ago requiring financial advisers to have a higher minimum level of qualification and banning commission-based selling.

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Sarah is MoneyWeek's investment editor. She graduated from the University of Southampton with a BA in English and History, before going on to complete a graduate diploma in law at the College of Law in Guildford. She joined MoneyWeek in 2014 and writes on funds, personal finance, pensions and property.