kim

2 Comments

  1. FPC123
    June 8, 2018 @ 10:07 am

    It might be worth mentioning that the Financial Planning Certificate has not been listed. It is mentioned a lot by expat financial advisers as somehow making them “Qualified” or “UK Qualified” or “Qualified to UK standards”. In reality the level is NVQ 2 to 3 and well short of UK standards. The standards were set in 2013 in the UK that led to a mass exodus of unqualified advisers from the advice market in the UK. Many of these qualification refugees turning their hand at advising expats where there are no requirements to know one end of a pension or investment from another.If those advisers spent as much time studying to be qualified as they do b…sh…g the public, they would really be qualified to UK standards.

    That website is rather useful, but a Chartered Financial Planner seems to be behind it and they are about as rare as hens’ teeth outside of the UK.

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  2. Stephen
    June 10, 2018 @ 9:30 am

    One sentence buried in the blog has a keyword: “ensure you know that your adviser has the correct qualifications and regulation” – the word is “regulation”. Qualifications are not worth the paper they are written on if the adviser is not authorised by FCA to give the advice they are offering because taking unregulated advice bars you from accessing either the FCA Compensation Scheme or Ombudsman services as I discovered the hard way!

    I imagine even if an adviser is qualified they might not join the register because of the contribution they have to make to the Compensation Scheme and the Indemnity Insurance they have to take out.

    However, whilst the blog gives useful advice it will be lost on many if not all “potential” victims. For example: “Check all facts and figures before signing anything” might seem like common sense but doesn’t work. The reason we “ordinary folk” seek professional advice is because we don’t have the qualifications to understand the figures. We take professional advice on trust (doctors, dentists, lawyers, garage mechanics etc ) because we don’t have the knowledge to know better. That’s the issue. The scammer that conned me was FCA “regulated” but as I later learned, not for giving investment advice or transferring my pension – he was only allowed to sell insurance! But that little subtlety was buried in the FCA record under “permissions” which is all too often “coded” with cryptic jargon like “CF30” etc. Very helpful – NOT!

    Very often the figures that matter are not disclosed by the scammers anyway and people like me can’t know what we don’t know! The advice is given by con-men who are expert at obfuscation and lying – that’s their trade.

    There is more advice about not getting scammed than you can shake a stick at – but none giving practical advice about what to do when you discover you have been scammed! You discover you’re alone, with many (IFA’s, FCA, even Action Fraud etc.) saying “yep, looks like you’ve been scammed and you’re most likely never going to see your money ever again” – comforting, reassuring – NOT.

    I’m sorry for being cynical – but, been there done that, got the T-shirt.

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