Whilst this blog is useful and relevant for anyone with an AllTrust SIPP, especially anyone with a former PSG SIPP, it is particularly relevant for those who have been caught up in the Brite Advisors saga.
This article is designed specifically for those clients who now have AllTrust as their Trustee, to provide clarity, cut through ongoing misinformation, and outline what you can and cannot do at this stage.
For clients whose pensions have been transferred to AllTrust, a significant number of questions remain, particularly around adviser acceptance, future transfers, frozen assets, and, for whom it concerns, what is realistically achievable before the Brite Receivership concludes.
Before we carry on further, we would like to emphasise that we have no connection to AllTrust, or any other entities they or their ownership are connected. Cameron James is completely independent, and we choose Trustees and providers based on what we believe to be the most suitable based on each unique individual based on a review of the whole market.
As it stands, what we discuss below is based on the realities of the situation at hand, and is subject to change in the future, especially as the Brite Advisors Receivership comes to a conclusion. We completely understand any anger/frustration that is generated at being told your options are more limited than you desire or presumed they were likely to be, so sympathise immensely, and are here to try to help you as best we can.
Key Points at a Glance
- Many advisers cannot assist AllTrust clients due to apparent failure to meet AllTrust’s “UK-level” due-diligence requirements.
- Cameron James was granted full Terms of Business with AllTrust months ago; most advisers who were rejected fail at least one relevant criterion.
- For those with Brite Platform Assets, full transfers out of AllTrust before the Brite Receivership concludes are unlikely.
- Partial transfers for Brite clients may be technically possible, but only for funds that have not already been designated for drawdown, due to UK pension transfer rules.
- Any adviser who has tried and was unable to obtain AllTrust terms will likely also struggle to facilitate transfers out of AllTrust, even Partial Transfers, causing delays and risk of amber or red-flag warnings.
- The realistic path forward is likely for most: stay with AllTrust for now, implement a new compliant FCA Regulated investment platform, then re-evaluate trustee options in the interim period (after the first payment and before the second payment), although a full Trustee change will likely have to wait till after the Receivership concludes, for those with Brite Platform Assets.
Why So Many Advisers Cannot Help AllTrust Clients
Since the announcement of the December/January distribution dates, our inbox has been inundated with messages from AllTrust clients whose advisers have quietly admitted they cannot act.
In many cases, we have been told by those aware of AllTrust’s Due Diligence and Adviser Onboarding Process that this will likely be because the adviser does not meet the formal regulatory or professional standards that AllTrust requires, but also because of the idiosyncratic nature of the Brite situation, they don’t know the best path forward, so have acted ethically and confirmed that a more suitable adviser should be sort. Also, many advisers may simply just not want terms with AllTrust, as do not know them well enough and/or do not want terms with any other providers.
This is particularly common among:
- Offshore advisers not holding UK RDR Level 4 qualifications
- Advisers without suitable PII/E&O insurance for UK pension advice in their local jurisdiction
- Advisers lacking FCA-level CPD and membership in UK professional bodies (CISI/CII, etc.)
- Advisers previously or currently connected to firms associated with historical bad advice or regulatory scrutiny (reputation/liability concerns)
- Advisers who simply do not understand Brite, frozen assets, or court-restricted pensions in general.
Put simply:
AllTrust requires expat advisers to meet similar minimum regulatory standards as UK FCA-authorised advisers, like those at Cameron James, when advising on UK pension assets
Many offshore advisers who built their business model on weaker oversight simply cannot pass that threshold.
Why Cameron James Advisers Were Approved When Others Were Not
When we asked AllTrust why our approval was granted quickly while many others, apparently even from the same “network”, were rejected and/or not yet approved, the answer was candid and very clear.
Advisers were likely denied terms for failing at least one of the following:
1. Not RDR Level 4 qualified
This is the minimum requirement to give pension and investment advice in the UK.
2. Not a member of a professional UK financial body
(CISI, CII, LIBF, etc.)
3. No CPD log maintained through a UK professional body
Many offshore advisers have a qualification from many moons ago, but do not keep it up-to-date, which also means in many cases they lost the right to publicly state their holding of said qualification.
4. No Professional Indemnity Insurance
No PII or Errors & Omissions insurance covering UK pensions in the local jurisdiction.
5. Problematic affiliations
Current or historical ties to entities of concern, triggering enhanced due diligence. Not a dealbreaker, but likely slows the due diligence process.
For many Brite clients, this explains why their adviser “can’t help with AllTrust matters”, and why they are now seeking alternative guidance.
Is AllTrust’s Vetting a Good Thing?
Yes, for expat clients, this is a positive development.
In the UK, FCA-regulated adviser platforms that are used for UK residents apply a level of scrutiny like this as a regulatory standard.
However, in the offshore pension world—particularly non-UK-resident SIPPs—this has historically been rare. It has allowed unqualified, unregulated/poorly regulated advisers to provide advice on UK pensions, often with disastrous results.
Given the history surrounding Brite, it is good to see another Trustee for Non-UK Residents (there are several other Trustees, such as Novia Global, that also have similar requirements) protecting clients by:
- vetting adviser qualifications
- verifying regulatory status
- confirming ongoing CPD
- confirming UK asset advice insurance coverage
- screening for historical liabilities/concerns
All Cameron James advisers meet or exceed these criteria. Many of our advisers hold advanced designations such as CFA, Chartered Accountant, or advanced UK pensions qualifications, including multiple Pension Transfer & Financial Planning qualifications.
Importantly, however:
This does not mean AllTrust is perfect and not without its faults, few Trustees are.
If, after the Brite Receivership concludes, or before if the Court Approved Trustee list expands to include our preferred Trustees, we determine that a different Trustee would be more appropriate, we will assist clients in moving with zero hesitation and zero conflicts of interest. We are only opining on the current situation and what we see to be a positive step in their vetting process.
Can You Transfer Away from AllTrust Now?
Many clients understandably want to know:
“Can I move away from AllTrust now?”
A fair question, but one with a reality that needs to be stated clearly.
1. Full transfers out before Receivership ends are very unlikely
The reasons:
- assets are frozen
- assets are under Court Order
- potential legal claims exist
- many clients have accessed benefits (triggering restrictive UK transfer limitations)
- AllTrust has inherited a Trustee heading for administration
- No particularly “appetising” Trustees exist on the Court-approved list to transfer out to either
In regard to the current Court Approved Trustee List for SIPPS, unfortunately, none of these are particularly suitable or superior destinations for the majority of clients in our view, especially if you intend to move to a fully FCA-regulated SIPP + Platform (which is what we advise in the majority of situations) in the future and/or are a US Resident.
2. Partial transfers are theoretically possible
But only for those who have not accessed their full 25% lump sum, and even those who have partially accessed it will have their options reduced, all due to UK pension transfer rules, and not due to any Trustee decision-making.
3. Advisers without AllTrust terms likely cannot facilitate transfers regardless
Even attempting a transfer with a rejected adviser risks:
- delays
- amber/red flag warnings
- demands for a second independent adviser check
- possible blockages under UK pension-scam protocols
4. The pragmatic approach
For now, the realistic and responsible strategy for many (although this needs to be confirmed with independent financial advice) is to:
- remain with AllTrust
- appoint a locally regulated financial adviser who has formal terms of business in place with AllTrust
- take advice and implement a new compliant investment platform and portfolio
- receive the first (and likely future) payment tranches
- reassess a Trustee change after the first payment, but most likely only an option (at least a full transfer) when the Brite Receivership is fully concluded
This is not ideal, but it is the reality dictated by the Court Orders and the regulatory environment. However, a full review needs to be conducted by a regulated financial adviser, who can then provide you with formal advice unique to your situation.
Next Steps for AllTrust Clients
If you are an AllTrust client, here is what we recommend for the majority of people:
1. Book a review call
If you would like to discuss your specific situation, you can book directly into our diary.
2. Join the FB Groups for Brite clients
The private group (for verified Brite victims) is highly valuable. It is a great resource to discuss with others caught up in the same situation, for you to discuss and share your own experiences and help you to all plot a safe and secure path forward. If you post in the public Expat Victim Group, a Brite Group Admin can get in touch to vet you and provide access to the Private Group/
3. Don’t rush to change Trustees
For now, focus on securing your funds and choosing a suitable and well regulated investment platform and portfolio. Transfers will likely be more viable once the first payment is made, and certainly once the Receivership concludes. An informed and regulated adviser, with terms with AllTrust will be able to advise you on other Trustee options, both now and in the future.
4. Be wary of advisers who cannot work with AllTrust
If they can’t meet AllTrust’s criteria, they likely cannot satisfy AllTrust’s UK pension-transfer due diligence protocols either, so can not assist you with transfer advice on these assets full stop.
Final Thoughts
Even if you are certain you want to work with Cameron James, or equally certain that you don’t, our role is to ensure you receive accurate, safe, and regulatory sound guidance.
Right now, numerous people are heading in the wrong direction because they are being advised by individuals who simply do not meet the standards required for UK pension advice, let alone to provide advice in a complex, cross border and legally-restricted situation like Brite and/or the PSG SIPP administration.
If you are an AllTrust client and need clarity, reassurance, or a structured path forward, we are here to help. We also do not charge initial advice fees for taking over servicing of UK SIPPS for US Residents, even though we need to add in investment platform and portfolio in this situation.
And again, we would like to reiterate that we fully empathise with those who are unhappy to remain with AllTrust, and feel like they are trapped. We have no links to any providers, so everything we are stating above is based on our informed knowledge of the situation and how we think it will play out.
If you are dead set on leaving AllTrust as soon as you can, then we are more than happy to help facilitate that, but any advice we give is going to be suitable and, most importantly, actually actionable, which a lot of the advice on AllTrust assets we have seen/been told about categorically isn’t.
How Cameron James Is Supporting AllTrust Brite Clients
At Cameron James, our advisers have been supporting Brite and AllTrust clients since the earliest stages of the receivership, guiding investors through trustee reviews, documentation preparation, and cross-border reinvestment planning.
We help clients to:
✅ Review financial positions and deliver holistic, transparent fee-based financial planning.
✅ Estimate Brite entitlements and likely interim distribution amounts.
✅ Advise on Trustee and Platform suitability and manage & submit trustee-change process, where appropriate.
✅ Liaise directly with McGrathNicol and trustees to confirm payment details and account setup.
✅ Prepare reinvestment plans on FCA-regulated, fee-only platforms, where possible (e.g. Novia Global) or Platforms with PFIC Compliance, like Morningstar Wealth International, where applicable.
We operate with full regulatory oversight, no hidden commissions, and no product bias, ensuring each decision is driven purely by client outcomes and compliance integrity.
Take the Next Step Today
We will review your current trustee position, assess your likely Brite distribution, and outline the compliant reinvestment options available based on your jurisdiction, tax status, and long-term objectives. Our goal is to help you stabilise your position and make informed, defensible decisions at every stage.
FAQs for AllTrust SIPP Clients (2025)
Can I transfer my pension away from AllTrust now?
For most former Brite clients, no. Full transfers out are highly unlikely until the Brite Receivership concludes because assets remain frozen under Court Order and UK pension transfer rules restrict movement once benefits have been accessed even further.
Can I complete a partial transfer?
Possibly, but only in limited circumstances. A partial transfer may be available if the assets you want to move are not frozen, and you have not taken your full 25% tax-free lump sum. Even then, the receiving Trustee must agree to accept the transfer, and you will need to retain AllTrust for future Brite distributions until a full Transfer can be processed, which will also require the new Trustee being on the Court Approved list.
Why can’t my adviser help me?
Most advisers who have withdrawn or refused to act do not meet AllTrust’s onboarding requirements, such as holding RDR Level 4, valid UK pension advice insurance, or UK professional advice and investment body membership. If they cannot meet AllTrust’s criteria, they will likely struggle to satisfy UK pension due-diligence elsewhere with many other Trustees and Providers as well. Many advisers may simply just not want terms with AllTrust, as do not know them well enough and/or do not want terms with any other providers.
Will I be able to change Trustee in the future?
Yes. For those with assets on the Brite platform, the most realistic timing for a full Trustee change will be after the first payment is received or once the Receivership fully concludes, when more suitable Trustee options should become available.
What is the safest next step for me?
For most clients, the safest approach is to remain with AllTrust for now, appoint a regulated adviser who has terms in place with AllTrust, implement a compliant investment platform, and reassess Trustee options once payments progress.
Disclaimer
This communication is not intended for or directed to U.S.-connected persons. This communication should not be re-distributed or re-published without consent from Cameron James. Some of the content in this communication was provided by third parties of Cameron James. We have not independently verified every detail but believe the information to be reliable. None of this content should be construed as investment, legal, accounting, or tax advice.
Tax laws are complex and vary by individual. You should always seek advice from a qualified tax professional regarding your specific circumstances.