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Inactive Financial Advisors
Josh2512
Posts: 35 Forumite
I wonder if someone can help me. I am not totally sure if it is Money-Saving, but I would appreciate any advice.
I have been approached by my old Financial advisor, (who is a genuinely nice guy), however I found out via another friend that this advisor is registered on the Financial Services Authority website as being ‘Inactive’.
Could someone please tell me if the term ‘inactive’ on the FSA website, means that they can no longer sell insurance or arrange mortgages for people. The advisor phoned me up out of the blue in order to do a review of my financial affairs, even though, I didn’t take my mortgage out with them last year, as I wasn’t entirely happy with his service.
Last year he did try to arrange my mortgage but not through his old company, but via another company. But he failed to mention this when he was sorting it out – this is when the alarm bells start to sound!!
However I like to give people a second chance, and I am in the process of hopefully (and I mean that in the loosest sense) agreeing on the sale of my house, so his services would come in handy right now.
But I don’t want to touch him, he if isn’t allowed to practice or if he has been struck off by the FSA.
I have phoned the FSA, but when I got through I got the usual, ‘all lines are busy’ etc, and if I left my details they would get back to me within 72hours (although I aint hopefully about this).
Absolutely any advice would be helpful.
Thanks
I have been approached by my old Financial advisor, (who is a genuinely nice guy), however I found out via another friend that this advisor is registered on the Financial Services Authority website as being ‘Inactive’.
Could someone please tell me if the term ‘inactive’ on the FSA website, means that they can no longer sell insurance or arrange mortgages for people. The advisor phoned me up out of the blue in order to do a review of my financial affairs, even though, I didn’t take my mortgage out with them last year, as I wasn’t entirely happy with his service.
Last year he did try to arrange my mortgage but not through his old company, but via another company. But he failed to mention this when he was sorting it out – this is when the alarm bells start to sound!!
However I like to give people a second chance, and I am in the process of hopefully (and I mean that in the loosest sense) agreeing on the sale of my house, so his services would come in handy right now.
But I don’t want to touch him, he if isn’t allowed to practice or if he has been struck off by the FSA.
I have phoned the FSA, but when I got through I got the usual, ‘all lines are busy’ etc, and if I left my details they would get back to me within 72hours (although I aint hopefully about this).
Absolutely any advice would be helpful.
Thanks
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Comments
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Could someone please tell me if the term ‘inactive’ on the FSA website, means that they can no longer sell insurance or arrange mortgages for people
No.
The FSA only shows fully authorised advisers. It doesnt show mortgage advisers. If he used to be fully authorised financial adviser and is now a mortgage adviser he will show as inactive.
Its daft but the FSA dont deem mortgage advisers worthy enough to show on the FSA register.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.0 -
No.
The FSA only shows fully authorised advisers. It doesnt show mortgage advisers. If he used to be fully authorised financial adviser and is now a mortgage adviser he will show as inactive.
Its daft but the FSA dont deem mortgage advisers worthy enough to show on the FSA register.
I appear on there and I'm not an IFA, search FSA Reg No 411464.
http://www.fsa.gov.uk/register/firmRefSearch.doI 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.0 -
Ian that will be cause you work for yourself, and are the principle, employees are not shown.0
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Ian_Griffiths_Halifax wrote: »I appear on there and I'm not an IFA, search FSA Reg No 411464.
http://www.fsa.gov.uk/register/firmRefSearch.do
You have multiple control functions though dont you? A employee/attached mortgage adviser doesnt.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.0 -
It is a bit of an anomoly that a DA ( non investment) principal is not listed as active although he reports directly to FSA , but a AR principal is listed !
However its wise to search on both firm and individuals as many use personal names as ( one of ) trading stylesAny posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
My wife is on the FSA register as active yet she isnt an adviser. She just happens to hold a CF as a partner as it was a way for me to use her personal allowance for tax purposes.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.0
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No.
The FSA only shows fully authorised advisers. It doesnt show mortgage advisers. If he used to be fully authorised financial adviser and is now a mortgage adviser he will show as inactive.
Its daft but the FSA dont deem mortgage advisers worthy enough to show on the FSA register.
But this guy is offering to "review my financial affairs" - not just a mortgage broker.
Surely he cant do anything without the FSA's approval?
( hopefully no more fruit references Dh)
Could be his new employers havent lodged the paperwork yet or the FSA havent done the update on the website yet.0 -
But this guy is offering to "review my financial affairs" - not just a mortgage broker.
Surely he cant do anything without the FSA's approval?
Good point. Also, his IDD should state his status (key facts about our services for the benefit of the OP). This should be provided up front and at the start and give his status.Could be his new employers havent lodged the paperwork yet or the FSA havent done the update on the website yet.
In which case he shouldnt be out canvassing and the FSA update the site daily. There is no delay once authorisation is granted.( hopefully no more fruit references Dh)
Coconuts to that.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.0 -
I am on the FSA register and I neither sell insurance or mortages
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I'm there as inactive as well.
Never had anything to do with mortgages - just discretionary investments management untill got made redundant few weeks ago. :j0
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