MyIFA friend and Rowanmoor

tinyplanets

Hi All,
My OH was contacted via phone by MyIFAFriend about a pension review. They advised looking at a SIPP with Rowanmoor.

I was just wondering if anybody knows much about these companies as in are they legitimate. He has been paying into a Prudential pension for many years so doesn't want to make any rash decisions.

Any information would be appreciated.

mania112

I think it's safe to assume that legitimate IFA's do not cold call, so I suggest you avoid.

If you want some help with your pensions (or anything else financial) visit: https://www.unbiased.co.uk to find a local IFA.

Linton

My IFA Friend is an IFA authorised by the FSA and from the website looks legit - none of the usual dodgy investments. Ditto for Rowanmoor, which looks like a reasonably big company - its a PLC.

However it's a bit odd that they contacted him, unless he contacted them first. Was it a cold call? Any reason for them to contact him? I guess its possible that the person who contacted him wasnt actually who he claimed to be. What sort of investments was he suggesting?

tinyplanets

OH says he thinks the original cold caller may have then referred him to MYIFAfriend. He says its possible he ticked somewhere that he was seeking advice Re pensions but can't remember.

Mania112 I have checked out that link and found an IFA close by thanks.

Linton

tinyplanets wrote: »

OH says he thinks the original cold caller may have then referred him to MYIFAfriend. He says its possible he ticked somewhere that he was seeking advice Re pensions but can't remember.

Mania112 I have checked out that link and found an IFA close by thanks.

The scammers selling dodgy investments often use (and perhaps hope to gain credibility from doing so) legitimate companies to undertake the routine work so what you are saying does make it sound that the cold-caller was up to no good. Follow Mania's advice and deal face-to-face with a local IFA.

dunstonh

My OH was contacted via phone by MyIFAFriend about a pension review

Against FCA rules to cold call on investments and pensions. Most cold calls appear to either be scams or put people in unregulated high risk schemes where losing money is more common than making it.

The minute you get a cold call on pensions, you can more or less assume it is dodgy.

tinyplanets

Thanks all, that was my gut reaction but I was confused as MyIFAfriend and Rowanmoor seem well established.

I am thinking, not so IFA's are cold calling. We also had someone call about our mortgage protection but when I checked the number he left me, it went to a website for marketing advice!

chewback

I think you all may being a bit harsh on the company. Tinyplanets has stated that her other half says he thinks he may have ticked on a website asking for pension advice. In that case, the company did not cold call him. I have contacted people in my line of business by phone when they click on my website asking for advice and they have forgotten which websites they have even been to!!!

dunstonh

There is a "high risk" area in financial services at the moment where firms that are not regulated by the FCA are cold calling people then selling the leads on to regulated firms. Introducers should be on the FCA register as introducers. Many are not.

Our compliance company has warned against IFAs buying such leads from those sources as it is known how dodgy many of these unregulated companies are and the fear that the IFA will end up suffering the liability for the actions and comments made by the unregulated introducer.

Dean_Smith_2

Hi My name is Dean Smith I am the director of My IFA Friend Ltd I can assure users of MSE that our company is a reputable highly experienced company and that we do not cold call or buy lists of contactable names If you are contacted unsolicited by someone saying they are from My IFA Friend Ltd Please do not give them any information.

tinyplanets

I didn't have any concerns that MyIFAfriend isn't reputable, rather that somebody may be saying they are representing them but they aren't.

If it hadn't been for the cold call, it all looked very sound and believable.