Free financial advice that donates to charity - quotes4charity.co.uk

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Comments

  • dunstonh
    dunstonh Posts: 116,313 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    I don’t claim to be a financial advisor I am a trustee of a charity that has started to receive valuable donations via Quotes4charity (Q4C) which other charity’s could benefit from.

    You have posted what is considered a financial promotion. It fails to comply with financial promotion rules and therefore is an FSA breach.

    Good intentions aside, you are using a gimmick to obtain business.

    You say free financial advice. Well commission based advice is not free. The cost is covered in the commission and it isnt financial advice as the company doesnt appear to hold investment authorisation. Without which , financial advice is not possible. Only mortgage and protection advice.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • rug
    rug Posts: 7 Forumite


    It appears I have made a mistake saying free financial service, rather than fee free, which is what Q4C are.

    As both a customer and trustee of a charity which has partnered with Q4C, which has received valuable donations via their service, and knowing of other customers and supporters of the charity that I am involved with who have used Q4C’s service and generated further donations to our charity, and helped individuals with mortgages etc, I thought it would be a good idea to let people concerned with charitable issues know that there is a choice of services within the financial sector.

    I did not realise this service would cause so much concern for you all.

    I am not subject to FSA regulations myself as an individual, trustee and customer, as you suggest, and I am not using this as a “gimmick”, but genuinely letting people know that this service is available if they wish to further support charities they feel a connection for, and for charities themselves to be aware that this service exists to further generate income for the valuable work they do.

    But I have reported your concerns to Q4C for them to investigate themselves also. And I’m sure Lime Network will pick up on any concerns and deal with them in the appropriate manner once investigated and if found to be the case.

    The fact remains though that this service is a valuable source of income to charities in the current financial climate and funding is being generated, as we have found to be the case, and customers do not have to pay a fee for the service.
  • plasticpaddy
    plasticpaddy Posts: 2 Newbie
    seems cool to me, they use the broker fee to generate the donation. It seems to fit Martins criteria anyway. What the hell is a CIC?
  • rug
    rug Posts: 7 Forumite
    A CIC is a Comunity Interest Company, check out the website http://www.cicregulator.gov.uk/ .

    I heard that more user friendly CIC Assoication is being set up soon so people are more aware of how they work and are regulated.
  • feisty1
    feisty1 Posts: 1,487 Forumite
    dont dig a deeper hole for yourself. Some of us on here are advisors & understand fully & have to comply with FSA regulations re Financial Promotions. I myself was with LIME previously so i know their stand.........Let it be until you're fully briefed and undertsand Financial Promotions procedures........the last thing you want is this backfiring on the advisers within the company, which believe me it could do........You have drawn attention to the fact we now know you have an non compliant website, pls dont draw anymore negative attention........i told u previously, its damage limitation form here on.
  • Russell01
    Russell01 Posts: 1 Newbie
    Hi,

    Thanks for sharing the useful information.

    Donating to charity or for philanthropical purposes is a great way to alleviate the poverty. More and more corporates, celebreties should join voluntarily to fight against poverty, illiteracy
  • nw_man
    nw_man Posts: 739 Forumite
    Russell01 wrote: »
    Hi,

    Thanks for sharing the useful information.

    Donating to charity or for philanthropical purposes is a great way to alleviate the poverty. More and more corporates, celebreties should join voluntarily to fight against poverty, illiteracy

    Oh for crying out loud :rolleyes:
  • _Andy_
    _Andy_ Posts: 11,150 Forumite
    Russell01 wrote: »
    Hi,

    Thanks for sharing the useful information.

    Donating to charity or for philanthropical purposes is a great way to alleviate the poverty. More and more corporates, celebreties should join voluntarily to fight against poverty, illiteracy

    Congratulations! winner of 'crappest, most obvious spam of the weekend' award. Go Russell!!!
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