unbiased.co.uk

Merryb

Hi
I have just retired and need to sort out my retirement planning. Before Christmas I looked on unbiased and found an IFA, when they didn't even bother to be in their office for the planned meeting, I started to look again. Somewhere along the way, I heard on the radio that unbiased no longer checks the people on its site. I didn't catch it all but something to do with the FCA relying on the managers of the company to check their own people. This person was a one man band that I got caught by. I don't know many people in the area where I live and no one uses finanacial advice. Does anyone have any suggestions for finding good advice?


Thanks

JoeCrystal

I used https://adviserbook.co.uk. I believe that they do check independent status. You can selects confirmed status while searching.

SonOf

Somewhere along the way, I heard on the radio that unbiased no longer checks the people on its site.

Unbiased does not check status of the adviser firm. Don't think it ever has beyond the FCA number. I suspect what you heard was about the FCA register and not unbiased as it was the FCA register that changed last month.

Unfortunately, unbaised is no longer the quality directory it once was. It defaults to show only paying firms (i.e those that have paid for an entry). It is no longer only showing IFAs. It will now show restricted FAs. And it is more of a lead generation site. i.e. advisers pay to get the details of the client that has expressed an interest via unbiased (and given the quality of many of those, many advisers wont pay and the lead either goes unanswered or passed to another firm).

Adviserbook confirms IFA status.
The PFS have a directory of advisers and that is against qualifications and their ongoing SPS requirements. However, it doesnt show IFA or FA status. https://www.thepfs.org/yourmoney/find-an-adviser/

LHW99

The front page of *Unbiased* now has the following text:
"As of 9th December 2019, the Financial Conduct Authority (FCA) removed the ability to search their FCA register for individuals authorised to give customer-facing financial advice (controlled function CF30), under the introduction of the Senior Management and Certification Regime. Currently, only individuals in senior management positions at a particular firm are listed on the FCA register. We are currently in the process of ensuring all of the information displayed on AdviserBook continues to be fully accurate. However, if you feel there is an individual or business listed on AdviserBook that shouldn’t be, please get in touch here."
**Should be Advisorbook - Apologies for the error, and thanks to Merryb

Merryb

LHW99 The front page of Unbiased now has the following text:

Think you copied from the wrong site? that text is on AdviserBook, unbiased doesn't say anthing about its quality - that I have seen...

JoeCrystal

Merryb wrote: »

LHW99 The front page of Unbiased now has the following text:

Think you copied from the wrong site? that text is on AdviserBook, unbiased doesn't say anthing about its quality - that I have seen...

Ah, that is interesting. So we can't really trust the confirmed independent status anymore? :huh:

Albermarle

Ah, that is interesting. So we can't really trust the confirmed independent status anymore?

There was an article on Money Box on Radio 4 about this I think.
I do not remember the reason but for 12 months the status of many IFA's will not be visible on the register.

SonOf

JoeCrystal wrote: »

Ah, that is interesting. So we can't really trust the confirmed independent status anymore? :huh:

Adviserbook can't check the status of individual advisers any more. However, it does require the adviser firm to confirm its IFA status when they verify their listing on there. They ask for evidence.

However, since we supplied our evidence to them several years ago, they have never re-checked. And given the relatively high number of IFAs that are dropping to FA, that is probably a failing on their part.

That said, someone could use adviserbook to get a shortlist and then visit the websites of those advisers. IFAs will make a point of highlighting their IFA status. Whereas FAs cant mention it and IFAs that are transitioning to FA status will start removing references to IFA aside to downplay it when they eventually move over.

There was an article on Money Box on Radio 4 about this I think.
I do not remember the reason but for 12 months the status of many IFA's will not be visible on the register.

The FCA register has never shown the status FA or IFA. Indeed, I read in the past that the FCA didn't actually know whether an adviser firm or adviser was an IFA or FA as that data was never originally requested. Although it is now via the RMAR with indirect data input.

The FCA register only showed that an individual was CF30 authorised. However, it wasn't just IFAs and FAs that used CF30. So, it was useful to verify the person was authorised but it never told you their status and that person may not have been an adviser but someone doing another role covered by CF30.

LHW99

Merryb wrote: »

LHW99 The front page of Unbiased now has the following text:

Think you copied from the wrong site? that text is on AdviserBook, unbiased doesn't say anthing about its quality - that I have seen...

Oops my mistake - apologies I will edit