FCA and independant financial advisors

nothappy_001

Hi:eek:

A friend is having difficulties with an "independent" financial advisor. After gaining a print off of the mortgage costs and telling them personnel information. I made enquires through the FSA and found that the " independent " financial advisor, was not personally registered with the FCA.

I enquired further with the FCA and was told the regulation only cover the "company" that the person works for and not any individuals within the company, so its down to the company to offer training etc to their staff. I find this very strange because they are dealing with Data protection issues and personnel information. So in essence anyone within the company could become a financial advisor and deal with your personnel information.The level of training (and the level of service ) an "Independent Financial advisor" gets depends on what is provided by the way of the company ? No data protection checks ON THEM ? Criminal records check?

?? Why are they not individually regulated ? is this correct does anyone know .

I HAVE PARTIAL BLINDNESS , SO NO RUDENESS

On the business card it says financial advisor no company name just a phone number . This was given by estate agent .

the issue are :

Are they real ?
how can I check ?
They are charging a mortgage fee of over £500.00

kingstreet

Are you talking about independent financial advice, or mortgage advice?

Mortgage advisors do not have to be individually registered if they are working for someone else, no.

However, the firm they work for has the necessary protections, such as data protection registration, financial services regulation, professional indemnity insurance and the individual must have "competent advisor" status to be able to give advice without immediate supervision.

Would you be kind enough to explain what help you would like and I'm sure the many qualified, experienced and regulated mortgage brokers who post on here would be happy to provide any information you might need.

dunstonh

I made enquires through the FSA and found that the " independent " financial advisor, was not personally registered with the FCA.

IFAs are individually registered with the FCA. However, mortgage advisers are not. Are you perhaps getting IFAs and mortgage advisers mixed up?

I enquired further with the FCO and was told the regulation only cover the "company" that the person works for and not any individuals within the company, so its down to the company to offer training etc to their staff. I find this very strange because they are dealing with Data protection issues and personnel information. So in essence anyone within the company could become a financial advisor and deal with your personnel information.The level of training (and the level of service ) an "Independent Financial advisor" gets depends on what is provided by the way of the company ? No data protection checks ON THEM ? Criminal records check?

The foreign and commonwealth office dont deal with financial services However, the FCA description refers to mortgage advisers. Not IFAs.

Self employed owner mortgage advisers or directors would have a data protection licence. However, self employed but attached to company or employed mortgage advisers work under the company data protection licence.

As said, it does appear you are getting mortgage advisers and IFAs mixed up.

_Andy_

What are the actual issues they've having?

nothappy_001

Of course i ment the fca , please dont be rude about peoples disability

dunstonh wrote: »

ifas are individually registered with the fca. However, mortgage advisers are not. Are you perhaps getting ifas and mortgage advisers mixed up?



The foreign and commonwealth office dont deal with financial services however, the fca description refers to mortgage advisers. Not ifas.

Self employed owner mortgage advisers or directors would have a data protection licence. However, self employed but attached to company or employed mortgage advisers work under the company data protection licence.

As said, it does appear you are getting mortgage advisers and ifas mixed up.

warful

hi guys i have just started a call centre as an appointed rep selling life and home and contents. Now the network has taken me on for a while now but am now only doing checks on my criminal history. i know the guy well that lets me use his license to trade the network owner........ however he doesnt know i have got theft and possesion with the entent to supply on my record about 5 years ago....... will this still affect me trading even if the guy was happy still to use me after i tell him???

ACG

Did he not even ask?
I think it will come down to what he wants.
I would speak to other networks in the meantime just in case he does decide to stop you trading under his firm.

dunstonh

Of course i ment the fca , please dont be rude about peoples disability

There was no rudeness. The smiley clearly indicated that. I had no idea you were disabled. However, my response would have been no different if i had known.

_Andy_

nothappy_001 wrote: »

Of course i ment the fca , please dont be rude about peoples disability

No-one was being rude. Stop being so defensive and assumptive.

_Andy_

warful wrote: »

hi guys i have just started a call centre as an appointed rep selling life and home and contents. Now the network has taken me on for a while now but am now only doing checks on my criminal history. i know the guy well that lets me use his license to trade the network owner........ however he doesnt know i have got theft and possesion with the entent to supply on my record about 5 years ago....... will this still affect me trading even if the guy was happy still to use me after i tell him???

What has this got to do with the thread?

Dan-Dan

is typing like a cretin a disability ?