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Free financial advice that donates to charity - quotes4charity.co.uk
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# 1
rug
Old 12-10-2008, 4:05 AM
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Default Free financial advice that donates to charity - quotes4charity.co.uk

Hi,
I just thought those of you with charitable minds might be interested in this free financial service offered by www.quotes4charity.co.uk (Q4C) which is also a registered CIC (community interest company)

I'm Trustee of a small charity which struggles to make enough money to oversee our annual budget and was recently introduced to Q4C and have since partnered with them. We have now started to recieve valuable funds via their service

They offer a freeservice / advice on financial products such as mortgages, insurance etc to the customer and are a whole market broker.

How they help charities is by donating 30% of the commision they recieve on selling financial products to a charity partnered with their service, or with a charity agreed with the customer that is not currently linked. Another 5% goes to their quotes4kids projects.

In the current financial crisis donations to charities are dropping rapidly so any help to your favourite charity and where you can save money and donate at the same time is a good idea I think!

Hope you find this useful.
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# 2
Ian Griffiths Halifax
Old 12-10-2008, 9:09 AM
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Reported.

We can all shout about our charitable donations.
I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.
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# 3
Ian Griffiths Halifax
Old 12-10-2008, 9:28 AM
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I find this quite offensive. As if no other brokers give anything to Charity.

Quote:
We use our trading income to cover our running costs as would any other Mortgage Broker, whilst also generating income for charity, quite unlike any other Mortgage Broker.
I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.
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# 4
rug
Old 12-10-2008, 9:47 AM
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Sorry you find this post so offensive. I think its great that you and others give to charity also.

But Q4C is a CIC which is government regulated and they have to show, as a social enterprize, that a certain % of their profits go back to the community which is how they are so beneficial to charities in the long run and could generate a steady income in order to budget for future projects.
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# 5
Ian Griffiths Halifax
Old 12-10-2008, 9:47 AM
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This is the company which appears in their Privacy Policy. http://www.kevinmacadam.com/mortgages.php They have a Non-compliant website as they don't give comparitive APRs. Also, the above site states that they are Whole of Market and give Fees Free advice, whereas this website states a fee may be payable.



Quote:
There may be a fee for mortgage advice. The precise amount will depend on


your circumstances, but we estimate it will be £750 payable on completion



I have no problem with the fee, but if there is one, it should be stated.


I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.
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# 6
feisty1
Old 12-10-2008, 9:50 AM
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Default Free financial advice that donates to charity - quotes4charity.co.uk

rug........ Are you aware of FSA guidelines on Financial Promotions. If not, I suggest you read up on it........quick!

I am a Mortgage Adviser

You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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# 7
feisty1
Old 12-10-2008, 10:19 AM
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[quote=rug;14917319]But Q4C is a CIC which is government regulated and they have to show, as a social enterprize

Do you think compliance at LIME would agree with you?
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# 8
rug
Old 12-10-2008, 10:53 AM
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Quote:
Originally Posted by Ian Griffiths Halifax View Post
This is the company which appears in their Privacy Policy. http://www.kevinmacadam.com/mortgages.php They have a Non-compliant website as they don't give comparitive APRs. Also, the above site states that they are Whole of Market and give Fees Free advice, whereas this website states a fee may be payable.







I have no problem with the fee, but if there is one, it should be stated.


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.

What is written above I feel is a little misleading though as the name Kevin Macadam appears in Q4C privacy policy, not the company name or link as is suggested by Ian Griffiths Halifax. If there are concerns regarding regulations with this site which appears to be separate to Q4C, and it appears you know about this sort of thing more that I do, I suggest you report it to the appropriate bodies.

I find it interesting though that Q4C had a large write up by The Times in April 08 regarding the financial service they are offering to charities, surely The Times do their homework....?!

Maybe have a more detailed look at the Q4C website, copies of articles in the News section are there and you can check for validity on the main Times website http://www.timesonline.co.uk/tol/money/property_and_mortgages/article3676155.ece

In the current financial climate, where donations to charity are dropping rapidly, maybe more financial service company’s could set themselves up as CIC’s ..? Just a suggestion!
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# 9
grogdog
Old 12-10-2008, 11:23 AM
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in todays current financial situation i am afraid charity begins at home, and any donation i wish to make to any charity i choose will be for an amount i decide and to whom i decide not out of my income.
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# 10
Ian Griffiths Halifax
Old 12-10-2008, 11:26 AM
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Quote:
Originally Posted by rug View Post
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.

What is written above I feel is a little misleading though as the name Kevin Macadam appears in Q4C privacy policy, not the company name or link as is suggested by Ian Griffiths Halifax. If there are concerns regarding regulations with this site which appears to be separate to Q4C, and it appears you know about this sort of thing more that I do, I suggest you report it to the appropriate bodies.

I find it interesting though that Q4C had a large write up by The Times in April 08 regarding the financial service they are offering to charities, surely The Times do their homework....?!

Maybe have a more detailed look at the Q4C website, copies of articles in the News section are there and you can check for validity on the main Times website http://www.timesonline.co.uk/tol/money/property_and_mortgages/article3676155.ece

In the current financial climate, where donations to charity are dropping rapidly, maybe more financial service company’s could set themselves up as CIC’s ..? Just a suggestion!
Just out of interest, do you know if the Key Facts Illustration declares that an introducer fee is paid to your selves?

As for the Times doing their homework As has been proven many times, Investigative Journalists only look to fill their column inches and are looking for their next story/expose/kick back.

The name appears on their Privacy Policy as a Mortgage Broker. The Mortgage Broker is part of the Mortgage Company who gives the Mortgage Advice.
I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.
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# 11
feisty1
Old 12-10-2008, 11:36 AM
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Default I have another suggestion!

[quoteJust a suggestion![/quote]

I have another suggestion. You are authorised representatives of LIME, before any promoting can be done it has to be cleared by their Compliance Dept. Also you cannot state in one area advice is free and in another state "but we estimate it will be £750 payable on completion", misrepresentation???

At the moment the FSA are very hot on TCF, treating customers fairly, I don't think the above is treating customers fairly.

I'm sure you started off writing with good intentions, however i think damage limitation is now required. I would also be booking a call thru to compliance at 9 on moray to inform them of yr faux pas
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# 12
dunstonh
Old 12-10-2008, 12:54 PM
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Quote:
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 a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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# 13
rug
Old 12-10-2008, 1:51 PM
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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.
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# 14
plasticpaddy
Old 12-10-2008, 1:51 PM
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Default Free financial advice that donates to charity - quotes4charity.co.uk

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?
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# 15
rug
Old 12-10-2008, 2:02 PM
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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.
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# 16
feisty1
Old 12-10-2008, 2:03 PM
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Default rug

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.
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# 17
Russell01
Old 30-05-2009, 11:29 AM
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Default Free Financial Advice donates to charity

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
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# 18
nw_man
Old 30-05-2009, 12:27 PM
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Quote:
Originally Posted by Russell01 View Post
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:
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# 19
_Andy_
Old 30-05-2009, 12:55 PM
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Quote:
Originally Posted by Russell01 View Post
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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