You may come across a financial adviser in many different areas of the management of your finances: banking, mortgages, accountancy, tax planning, investments and pensions. It is always wise to check they are regulated before parting with any money or signing any form of commitment.
Members of the public have open access to check them on the Financial Services Register which is controlled by the Financial Services Authority, more commonly known as the FSA.
Firms and individuals authorised by the FSA to carry out activity under the Financial Services and Markets Act 2000, and provide advice on certain products, are subject to strict regulations and laws. Also if in their dealings with you a problem occurs, then you will have access to the complaints procedures of the Financial Ombusdman Service (FOS) and Financial Services Compensation Scheme (FSCS). With an unregulated entity you will have no such fall back.
You can search the register to see if they are authorised to carry out activity under the Financial Services and Markets Act 2000. Search the company name or the individual’s name.
Beware of scams and swindlers, check before you act.
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