Do I need to speak to an IFA?

JohnWinder

'Do not use that site.  John has been asked repeatedly not to promote it but continues to do so.  (they earn from referring you to an adviser, but there is no indication of the type of adviser - i.e. restricted or IFA, and they promote using their own unregulated service.   The site also uses American terminology - such as references to fiduciary, which is not used in the UK.  So, is it genuine? (none of the IFAs here have heard of this site before).      UK adviser firms have been warned about being linked with unregulated introducers.  One key area is financial promotions, such as websites promoting a service that does not meet regulatory requirements).'

Yes, it seems the service is paid by the adviser if you become a client of the adviser, ie free for the likes of us. As there is no indication of the type of advisor, potential clients need only specify that they'd like an independent or a restricted adviser, surely.

American terminology can be annoying but in the grand scheme of things it's hardly a hanging crime, or have we not got over the loss of that colony yet?

Genuine? We 'click' a request, and the service either identifies an adviser we can contact or it doesn't. Won't take long to know if it's genuine if we phone the advisor number we're given and ask 'do you provide an independent regulated service?', and asking for whatever the knowledgeable people here say should be checked before proceeding. What should that be, however we get our introduction to someone putting themselves us as a regulated adviser?

LHW99

Won't take long to know if it's genuine if we phone the advisor number we're given and ask 'do you provide an independent regulated service?'

IMO checking with the FCA would avoid any chance of getting an unclear (incorrect?) answer

https://www.fca.org.uk/firms/financial-services-registe

dunstonh

Yes, it seems the service is paid by the adviser if you become a client of the adviser, ie free for the likes of us. As there is no indication of the type of advisor, potential clients need only specify that they'd like an independent or a restricted adviser, surely.

Firms have to have introducer agreements in place.   So, it's more likely that there are a couple of firms involved (or even just 1).   All IFAs are technically "evidence-based".  Either by default or if that is what the client instructs.

American terminology can be annoying but in the grand scheme of things it's hardly a hanging crime, or have we not got over the loss of that colony yet?

It is important when dealing with UK financial services.   They say on their site that they "on the same side if you are independent, a fiduciary and evidence based".     The term fiduciary is not used in the UK.   So, no adviser can meet that criteria.   You often spot scam sites using American terms and spelling.   

It is also worth noting that their website says they help with claims but that is a regulated activity but I couldn't find them on the FCA register.    THey do say they will put you contact with legal professionals but that is not the best way of doing it in the UK.    

But primarily, the site is focused on selling its own unregulated service.   Is the advice angle a sprat to catch a mackerel?   

JohnWinder

'They say on their site that they "on the same side if you are independent, a fiduciary and evidence based".     The term fiduciary is not used in the UK.   So, no adviser can meet that criteria.   You often spot scam sites using American terms and spelling.   '

Fiduciary is about the responsibility of managing other people's property or money in a suitable way, says the Cambridge dictionary.  

 'Definition of client money and the discharge of fiduciary duty' source: https://www.handbook.fca.org.uk/handbook/CASS/11/4.html. 'Fiduciary' is very much used in UK.

Even if advisers can't meet that criterion, users of this forum would like them to.

Indeed, there are various clues to scam sites, such as inappropriate words or confusing plural for singular forms. If we think this 'find an adviser' site is a scam let's call it out rather than trying to tarnish it with innuendo we can back away from if it suits.

'But primarily, the site is focused on selling its own unregulated service.   Is the advice angle a sprat to catch a mackerel?  '

Perhaps. But we can take just the sprat using any suggestion other than checking with the FCA, that you could suggest.

dunstonh

Fiduciary is about the responsibility of managing other people's property or money in a suitable way, says the Cambridge dictionary.  
 'Definition of client money and the discharge of fiduciary duty' source: https://www.handbook.fca.org.uk/handbook/CASS/11/4.html. 'Fiduciary' is very much used in UK.

No its not.  In the US, you are told to seek a fiduciary.  Nobody says that in the UK.   In the US, it defines adviser type.  That does not exist in the UK.

What is it that fascinates you enough to keep promoting this lead generation site that no-one in the UK has heard of?   

JohnWinder

Right on the money. It is the very fact that not one person in UK has ever heard of this 'find an adviser' service that justifies it, especially when one considers that the standard suggestion used to be 'use unbiased.co.uk' but this was so roundly rubbished here recently.

dunstonh

JohnWinder said:

Right on the money. It is the very fact that not one person in UK has ever heard of this 'find an adviser' service that justifies it, especially when one considers that the standard suggestion used to be 'use unbiased.co.uk' but this was so roundly rubbished here recently.

unbiased is a let down.  Having started life as an IFA directly, it turned its back on that and became a lead generation site for the highest payer (and included FAs).     However, unbiased, like the other known sites, you know their limitations and issues, you see the firms before you decide.      There is nothing on that site that indicates anything to aid due diligence.       The other sites are also not interested in selling you a different service.   They are clear in what they do.