Should I expect a financial adviser to keep my finances confidential?

Simby

veryintrigued wrote: »

You could be tied together if you haven't opted out of the open electoral register.

Thank you but that is not a financial link to the best of my knowledge.

dmelife

Simby. I have no words. What a sad way to live.

Simby

Sea_Shell wrote: »

Simby. So as far as I can make out you're either...
Both absolutely minted...old money to be protected at all costs.
Both older and on 2nd (3rd) marriage, having had fingers burnt badly in the past.
Or your finances are poles apart.
Or you just don't trust each other!!

A combination of some of the above, family trusts was not really factoring that in as that is protected and not under my control at all... provides income for lots of extended family if they want it and satisfy the trustees...

Simby

I do understand that for some people there is very little option but to have a joint mortgage if they want to own a house but I guess to me that would be a huge risk linking finances... luckily I have never had to face that choice .. I think I would not have bought if I had to do it jointly with someone not blood related

Simby

dmelife wrote: »

Simby. I have no words. What a sad way to live.

We have no stresses no debts and a lovely life don’t feel sorry for us..

NoMore

@simby, I was just teasing with my comment, you and your partner have every right to run your finances any way you want, however you must accept that most people will see what you do as on the extreme end of what most people do. Especially your recent actions you've took due to this thread on getting separate PO boxes etc.

I also think it only works if you both earn similar. As you are aware a lot of the time (especially in the past) one partner (usually female) will not earn as much as the other due to various reasons (children, less opportunity at work etc.). Expecting your partner who has stayed at home to bring up the children should not be entitled to 'luxuries' (for example in your post the wifi password!) seems to me to be at least selfish if not downright controlling and abusive.

Sorry this is being dragged off topic again and you are right you are entitled to keep your finances private but in the case above it's hardly private if only one partner earns, they might not disclose how much but its more than the partner that doesn't.

Simby

@No more -if the parties chose one would not work then again that is a choice, one I can respect and the choice to combine finances is also a valid choice for many.

And yes potentially totally separate finances is only possible when both parties to a relationship have an income of similar levels or at least an income.

But I do not think the choice if a couple make it to share income/ finances means that they are giving away their rights to privacy and to have their own investments separate to any joint finances.

The rights to privacy and not disclosing financial income on single accounts does not change due to the presence of a separate joint account and joint savings do not preclude someone from maintaining separate sole savings and investments,

It’s extremely common to have joint accounts and joint savings each pay into but also to maintain concurrently separate personal accounts, with each putting in to the joint pots but also maintaining their own private accounts for personal spending and their own investments.

I do think the IFA was totally out of order and not acting on an instruction on an ISA but discussing it with another party is at the very least highly unethical if not negligent.

I am surprised so many would be ok with a financial adviser disclosing financial information to another party that is not named on the account ( the ISA the op referred to) no bank would do that nor indeed would the telephone gas electric or hospital which operate under strict GDPR guidelines.

Everyone has a right to expect their financial affairs to be kept private if it is a sole account, if it is a joint account again it should only be disclosed to those named on the account.

eskbanker

Simby wrote: »

I am surprised so many would be ok with a financial adviser disclosing financial information to another party that is not named on the account

Not sure there are that many - I haven't gone through and counted but thought that the prevailing view on the thread was that this is a clear data protection breach.

Having said that, I, and others, contend that it's unlikely to be considered a serious enough breach to result in punitive action against the IFA from the ICO but that's a different issue....