Choosing a Financial Adviser
Who regulates financial advisers?
All financial advisers, whether independent, tied or multi-tied, are regulated by the Financial Services Authority (FSA) under the provisions of the Financial Services and Markets Act 2000.
The FSA keeps a list called the Central Register, which means you can check up on IFAs before doing business with them. The Central Register is available on the FSA website at http://www.fsa.gov.uk/register/home.do.
You can also make checks over the phone on 0845 606 1234.
What happens if I get bad advice?
All authorised advisers are required to have a complaints procedure. This is the first course to follow if you think you have been badly advised. However, if your IFA's process doesn't resolve the problem, you can refer your complaint, without cost to you, to the Financial Ombudsman Service.
The IFA that has been dealing with your complaint should, as part of their procedure, give you details of how to contact the ombudsman.
Costs
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