financial adviser no longer authorised

gpf_2

I've just discovered that our financial adviser is not truly independent and, as of last October, is no longer authorised by the FSA. Would welcome advice about what to do next.

gb12345

gpf wrote: »

I've just discovered that our financial adviser is not truly independent and, as of last October, is no longer authorised by the FSA. Would welcome advice about what to do next.

There is no such thing as truely independent - either he is independent or he isn't. So I would assume that he is a representative of a particular company and can therefore only advise you on that company's products.

When he advised you prior to last October, did he make you aware of his status?

Has he advised you since last October?

As to what to do next, that rather depends on the answers to the above questions.

Just because he is not independent doesn't by default mean that there is any problem with the advise he gave you.

gpf_2

Thanks for replying. What I mean is that he calls himself an IFA but his firm is not listed on unbiased.co.uk and all our investments via him are with Skandia.

I found that he is now unauthorised on the FSA website.

Advice since last October has been in the form of notification that some funds were being switched - when that happens, we're required to sign an agreement.

grey_gym_sock

well, there's a big difference between an IFA becoming restricted - not that that's good - and not being authorized at all.

if you get another advisor, it should be simple to tell skandia you're using another advisor, without actually moving any investments. i think skandia only dealer with advisors, not direct.

gb12345

gpf wrote: »

Thanks for replying. What I mean is that he calls himself an IFA but his firm is not listed on unbiased.co.uk and all our investments via him are with Skandia.

I'm not sure where unbiased get their data from, but just because he doesn't appear on their list doesn't mean he wasn't an IFA.

As to all the investments being with Skandia - could either be because he determined that that was the best place for them or it could be that it is because he was only authorised to advise on Skandia products - without knowing which we can't really help you.

Are you willing to name the firm, so we can get more of an idea of their status?

dunstonh

Thanks for replying. What I mean is that he calls himself an IFA but his firm is not listed on unbiased.co.uk and all our investments via him are with Skandia.

unbiased does not have full coverage. Advisers have to register there. As of January this year, that site clearly marks independent advisers and restricted advisers. You will find most restricted advisers are not listed there. The FSA register has full coverage of all types of advisers.

If the adviser no longer has CF30 permissions on the FSA website that means he is no longer an IFA or any type of investment class adviser (mortgage and insurance advisers are not listed on the website or if they were ex investment class they will show as no longer authorised).

You now need to decide if you want a new IFA or whether you want to DIY. Or it could be that the ex IFA has another firm that has taken over the investment side of things. Like many firms, I have 3 ex IFAs passing business through my firm now. They are not giving advice on anything and leaving it to us but they are retaining the client relationship that they have had for the last 20 or so years.

gpf_2

gb12345 wrote: »

I'm not sure where unbiased get their data from, but just because he doesn't appear on their list doesn't mean he wasn't an IFA.

As to all the investments being with Skandia - could either be because he determined that that was the best place for them or it could be that it is because he was only authorised to advise on Skandia products - without knowing which we can't really help you.

Are you willing to name the firm, so we can get more of an idea of their status?

They are Coleman Clough in Shipley, West Yorkshire - financial services reference no: 494869. I'd be very grateful for help here.

gb12345

gpf wrote: »

They are Coleman Clough in Shipley, West Yorkshire - financial services reference no: 494869. I'd be very grateful for help here.

OK, well their website says that they are IFAs (obviously hasn't been updated recently judging by the content), so I think you can safely assume that they were previously IFAs. The FSA register definitely says that they are no longer authorised from 11/10/2012.

However, on their website there is mention of a merger (or similar) with another local IFA called Beaumont Robinson, which is also mentioned on Beaumont Robinson's website.

If you search for Beaumont Robinson on the FSA register (401804), and look at the list of individuals you will see that Roy Clough, who I assume was your adviser is an authorised individual.

So, I don't think you've got anything to worry about - your adviser is still authorised and has just changed firms.

gpf_2

That's reassuring - thank you very much.