kim

2 Comments

  1. Stephen
    July 14, 2018 @ 7:49 am

    I have said this before.

    Quals are NOT worth the paper they are written on IF the adviser is NOT regulated by the FCA and gives advice to UK residents. The FCA have said advice from UNREGULATED advisers bars you from access to the Compensation Scheme (FSCS) and OMBUDSMAN services. So it matters not one iota how qualified the adviser is or what institutes they belong to if they aren’t REGULATED by the FCA.

    Taking advice from a highly qualified advisers gets you ZERO protection if the investment goes tits-up! The FCA will turn their back on you!

    The first two questions of the top 10 essential questions asks about “licensed” – another way of saying “regulated” and it should be reiterated consistently in all articles. There are examples of “highly qualified” IFA’s metamorphosing into “scammers” and dropping out of FCA regulation because they can make more money as scammers! I think there’s an example of one on this site even! Can’t be arsed to find it now tho.

    Reply

    • Ed
      August 1, 2018 @ 4:01 pm

      Stephen,

      Your statement “The FCA have said advice from UNREGULATED advisers bars you from access to the Compensation Scheme (FSCS) and OMBUDSMAN services.” is not entirely correct. It is possible to get compensation from the FSCS and Ombudsman as there are other regulated parties involved in the pension transfer process. In most cases, the claim is made against the trust company or the UK based regulated entity that signed of the transfer. for example, Brooklands and STM have carried out pension administration for Malta and Gibraltar jurisdictions from UK based offices. if this can be proved, and in most cases it can, then it is possible to claim against the trust company. http://www.expatinvestmentclaims.com

      Reply

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