Heres one for all you IFAs out there to comment on: Couple lose life savings

brianh

dunstonh wrote: »

There isnt an IFA trade body.

Just shows how ignorant some people can be <s> and underlines the need to be very careful when choosing an IFA.

Malthusian

bigadaj wrote: »

I'd expect pi insurance to cover liability into the low millions, so this redress limit seems very low.

It is capped at £150,000 because the regulator has taken the view that if you have losses greater than this figure then a) you can afford to hire a solicitor and use the courts and b) if you want more than £150,000 a higher standard of scrutiny should be applied than the Ombudsman is designed to provide.

dunstonh

brianh wrote: »

Just shows how ignorant some people can be <s> and underlines the need to be very careful when choosing an IFA.

A trade body doesnt change that. A trade body represents its members. There are a couple of bodies that do something similar to that but they are generally regarded as ineffective. However, IFAs have to be a member of a professional body and they are regulated (which is far more effective than a trade body).

BananaRepublic

Most trade bodies I have come across have been little more than marketing tools and providers of information for the trades e.g. it looks good to be a member of the Professional Guild of Widgeters, but it means pretty much diddly squat to the consumer.

Credit-Crunched

I'm never going to the doctors again

https://en.wikipedia.org/wiki/Harold_Shipman

My children are not going to school again

http://listverse.com/2016/03/14/10-disturbing-cases-of-teachers-killing-students/

I'm never flying again
https://en.wikipedia.org/wiki/Germanwings_Flight_9525

One bad practitioner does not make the whole profession bad, there are plenty of solicitors who have been struck off due to bad advice / wrongdoing? are you on their backs?

Your one man crusade against IFA's is somewhat tiring, and to be honest, quote sad. Do you search the internet for wrong doings, and then rush to your computer to post your evidence?

Reading between the lines, I think that you are jealous of IFA's their renumeration and lifestyle.

p.s I am not an IFA, just have an interest in finance

BucksLady

Credit-Crunched wrote: »

Reading between the lines, I think that you are jealous of IFA's their renumeration and lifestyle.

I hadn't realised it was that wonderful .

AndyT678

BucksLady wrote: »

I hadn't realised it was that wonderful .

I guess if you're a retired low level civil servant living in nowheresville anything can seem glamorous