Introduction
The collapse of Brite Advisors has left thousands of clients across the UK, EU, US, Middle East, Australia, and Asia facing urgent decisions about the future of their pension. With interim distributions underway and trustees such as STM, AllTrust, London & Colonial (Pathlines), Relay, Sovereign, and Praxis now navigating frozen assets, many clients are realising a critical truth:
Your choice of adviser now determines whether your recovery process will be smooth and compliant, or painfully slow, expensive, and risky.
With payments to the major Trustees imminent, it is imperative that you make an informed and rational decision with how you move forward. You are vulnerable, and the sharks are circling, you need to have your wits about you.
At Cameron James, we have been helping Brite clients from the outset, including those with complex cross-border tax and residency circumstances. This article explains how to choose a competent, regulated, experienced & trustworthy adviser for your Brite pension, and why so many clients have already moved to Cameron James for ongoing support.
1. Why Choosing the Right Adviser Matters More Than Ever
Brite clients did not pick this situation. But choosing the wrong adviser now can have long-lasting consequences:
- Incorrect guidance around trustee processes and frozen assets
- Advisers unaware of the limitations of STM, AllTrust, and other trustees
- Misunderstanding of receivership rules, creating false expectations
- Poor advice on destination schemes (UK SIPP, Malta QROPS/QNUPS, Offshore pensions)
- Cross-border tax mistakes, especially for US residents and those in the EU
- Inability to communicate effectively with McGrathNicol or current Trustees
Even well-meaning advisers can inadvertently slow or derail your transfer or recovery timeline if they do not understand the unique, highly technical nature of the Brite collapse and the types of schemes involved.
2. Understanding the Current Trustee Landscape
The trustee of your pension determines your options, and each one has limitations in the context of frozen Brite assets.
■ STM Malta / STM Group
Many Brite SIPP/QROPS clients historically ended up under STM, following advice originally from an adviser who worked at a precursor firm for Brite Advisors.
- Malta QROPS clients have unique tax and reporting challenges, especially US residents.
- STM QROPS has poor death benefit options, resulting in forced taxable lump sums for the majority of members’ beneficiaries.
- PFIC Rules apply to US Residents, so PFIC compliant portfolios are required.
- As such, any adviser recommending a non PFIC compliant portfolio or platform, such as Novia Global, is misinformed about the correct advice required, and you should not utilise their services, as they are likely to cause further issues, as if they haven’t picked up on this basic issue, they won’t know about the myriad other potential issues.
- Transfers to other QROPS Trustees are possible, but Trustees are very reluctant to open the door to new US residents, and will therefore only allow advisers they trust implicitly, such as those at Cameron James USA, to transfer a QROPS into their schemes, which we have already done for some Brite clients.
We wrote an STM specific blog for US residents, which is available here.
■ AllTrust Trustee
AllTrust has become one of the most common trustees inherited by Brite clients.
- They have taken over the PSG SIPP.
- The PSG SIPP went into Administration, and, as such, there are additional complexities.
- They require specialist support to coordinate post-distribution.
- Alltrust has stringent adviser vetting.
- They will not grant terms of business to those with regulatory concerns, nor will they allow such advisers to provide advice to their members, including advice on transferring out.
- Whilst Brite Receivership continues, a transfer/change of Trustee away from AllTrust is very unlikely.
- Any adviser telling you otherwise is likely uninformed, or misleading you, as they have already been rejected by AllTrust due to Adviser Vetting failures.
- Some AllTrust specific blogs we wrote are available here and here.
■ London & Colonial / Pathlines
- Formerly part of STM Group, but not purchased by the STM Malta & Gibraltar acquirer, for reasons that were not publicly disclosed.
- Pathlines is a rebranding, and there is the same ownership and management as there was under London & Colonial.
- There are multiple upheld complaints on the FOS website, and there are provisions in their accounts for uninsured claims for historical transfers they accepted.
- They have confirmed they will allow partial transfers due to the presence of frozen assets, but the process is complex and needs careful, advised planning.
■ Relay / Sovereign / Praxis
You may be under one of these trustees, depending on your original Brite structure.
Each has different rules around:
- Transfer feasibility
- Acceptable receiving schemes
- Fees and administration
- Internal deal flow that may impact transfer timing
Advisers unfamiliar with these trustee differences will significantly slow your progress.
3. The Biggest Issues We Are Seeing From Clients Who Chose the Wrong Adviser
Since November, we have been approached almost daily by clients who originally appointed another adviser, only to realise weeks later that the adviser simply could not assist.
The most common problems include:
3.1 Advisers misunderstanding the Brite receivership
Many advisers incorrectly believe:
- All Trustees can take full ownership of frozen assets
- Change-of-trustee forms will accelerate distributions
- All Transfers can be completed mid-receivership
- All Trustees will allow any non-regulated and/or regulatory concern inducing advisers to be involved with advising on these assets, including transfers out
- QROPS should be transferred back to a UK pension (which is a big No-No for the vast majority of US Residents, according to tax and legal specialists we have engaged with)
These assumptions contradict the actual court-approved process.
3.2 Advisers lacking experience with frozen assets
Frozen assets require a very specialised approach. Most mainstream advisers (especially UK-only firms) have never handled international frozen pension assets.
3.3 US-resident issues
We are hearing again and again:
- “My adviser didn’t know US residents with Malta QROPS cannot hold UK listed funds.”
- “My adviser didn’t warn me about PFICs.”
- “My adviser is FCA-regulated, but not SEC-registered.”
- “My Adviser didn’t know a transfer back to a UK pension from a Maltese pension is very likely subject to income tax and opens the door to potential legal, and perhaps even criminal, ramifications, especially if not disclosed and historical tax returns updated with the IRS, etc.”
For US residents, this is potentially all catastrophic. A good blog we wrote covering this is available here.
3.4 Advisers recommending the wrong destination schemes
Some advisers push:
- Malta QROPS transfers even when inappropriate
- UK SIPPs that cannot accept clients with frozen assets
- Investment platforms that are not suitable for US residents
- Offshore structures that cause massive tax exposure
3.5 Advisers giving advice to clients in countries they are not regulated
Some advisers claim:
- UK Pensions are regulated in the UK, therefore UK FCA regulated advice can be provided, regardless of the clients’ residency. That is objectively false and shows either profound ignorance or, in greater likelihood, profound dishonesty.
- That some SIPPS that are not designed for non-UK Residents are “International SIPPS” and thus suitable, which they are not. Examples includes AJ Bell & Transact
- Investment platforms that are not suitable for US and/or other non-UK residents
4. What You Should Look for in a New Adviser
Here is a checklist of what matters for Brite clients:
✔ Cross-border pension expertise
Not just UK knowledge. You need someone who understands UK, EU, US interactions, especially for US Residents with Maltese QROPS, where the potential pitfalls are enormous.
✔ Experience with receivership and frozen assets
This is not normal advice work. It requires a deep understanding of the Brite Advisors situation, but also how similar situations have played out in the past. However, you want to make sure that experience is from assisting such clients, and not being the ones who advised them into the schemes/platforms that had issues in the first place!
✔ Understanding of trustee-specific constraints
Especially STM, AllTrust, Sovereign, Pathlines and Praxis.
✔ Ability to project-manage your case
Including communicating with trustees and McGrathNicol.
✔ Full transparency on fees
Beware advisers proposing opaque structures or not fully disclosing all fees in a regulated advice report.
✔ SEC-registered capabilities for US clients
Many Brite clients are US residents and require SEC authorised advice.
5. Why So Many Brite Clients Have Chosen Cameron James
Cameron James is now one of the most active advisers supporting Brite clients worldwide.
Clients tell us they chose CJ because:
■ We already understood the receivership before they called us
We have followed every affidavit, court hearing and trustee update.
■ We handle the complex cases other advisers avoid
US residents, Malta QROPS history, frozen assets, trustee disputes; this is our day-to-day.
■ All of our advisers are at least dual-regulated (FCA, EU, and SEC)
Giving peace of mind to both UK, EU and US-resident clients.
■ We understand which trustees can and cannot accept certain assets
For example:
- UK SIPPs like Novia Global cannot assume frozen assets
- Some trustees can take partial ownership but not full
- Some receiving schemes have strict KYC for ex-Brite clients
■ We provide clear, realistic timelines
No false promises, no misleading guidance.
■ We charge transparent, competitive fees
No commissions. No “per-distribution” hidden charges.
■ We never reached out to them directly
We are reminded by existing and prospective clients daily that they are being bombarded with advisers cold calling them and looking to make money off their Brite assets and misfortune.
These are all major regulatory breaches, and it is clear that the Brite Advisers previous employees had little care for clients’ private data.
That is why they now have your contact details, and will not leave you alone. We have stated this a million times before, but NEVER EVER WORK WITH A COLD CALLER.
6. What Your Journey Looks Like From Here
Step 1: Introductory Call & Assessment
We review your trustee (STM, AllTrust, Pathlines, Sovereign, Relay, Praxis), your residency status, and your wider financial planning needs.
Step 2: Brite Status & Distribution Roadmap
We align your strategy with the receivership distribution schedule.
Step 3: Destination Scheme Planning
UK SIPP? Malta QROPS? Leave as is and appoint a new Investment Platform? Full transfer? Partial Transfer?
We explain what is possible, today and in the future.
Step 4: Execution
We coordinate with trustees, guide tax compliance, and manage your investments long-term.
Step 5: Comprehensive Ongoing Management
We provide our “full fat” holistic lifestyle financial planning service, built on a foundation of collaborative cash flow modelling.
7. FAQs: Choosing a New Adviser After Brite Advisors
Q1. Can any adviser help me now that Brite is in receivership?
No. Many do not understand the constraints or the trustee requirements, nor are they regulated and/or sufficiently “clean” to assist.
Q2. Can I transfer before all distributions are completed?
Potentially, but it depends on the type of current pension, the future pension scheme, and who the specific Trustees are.
Q3. Should I move from STM or AllTrust immediately?
It depends. For many clients, it is best to wait for the Receivership to conclude and plan a restructure after, whilst others might be advised to start a full or partial transfer now, whilst there are still withheld assets on the Brite platform and the Receivership continues.
Q4. I am a US resident, do I need a US-registered adviser?
Yes. SEC oversight is required for US investment advice, except for very narrow exemptions, which are very hard to use in practice. QROPS advice is not subject to this exemption regardless, and an SEC authorised adviser will be required A blog we wrote on that available here.
Q5. Can Cameron James work with my existing trustee?
Yes, we work with STM, AllTrust, Sovereign, Pathlines, Relay, Praxis, and others.
8. Next Steps: Speak With a Cameron James Adviser
If you have a Brite Advisors pension, and you are unsure what to do next, you are not alone. Hundreds of clients have already turned to Cameron James because of our:
- Deep technical knowledge of the Brite collapse
- Cross-border regulatory experience
- Advisers with multiple regulatory authorisations, including US (SEC) and UK (FCA)
- Track record managing the most complex pension cases
Your next decision is important. Make it with the right information and the right adviser.
👉 Book a call with our team today
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.