Finding the best financial adviser for your needs is one of the most important decisions that you will ever make. However, many people struggle with choosing a financial adviser to help them. If you need some extra guidance in this area, then the most crucial element is to make sure that you focus on advisers regulated by the Financial Conduct Authority (FCA).
The FCA is the regulatory body in the UK that ensures that financial service providers are acting within the law. If you are thinking of getting financial advice, then it is essential to make sure that you use a member of the FCA. Not doing so could leave you vulnerable to acting on poor advice and see your finances suffer as a result.
Avoid relying on unregulated financial advice
Here are the three main reasons to always use an FCA-registered financial adviser:
- Protection for your business – To be a member of the FCA, financial advisers must have certain credentials in place. They or the company that they work for must be a registered legal entity and have the necessary systems in place to protect their clients. When you use an FCA-approved financial adviser, you know that you have cover for yourself and your business if anything were to go wrong.
- Ethical practices – The FCA has a “Treating Customers Fairly” initiative that all members are bound to follow. This initiative outlines how your financial adviser must communicate with you in a fair and transparent manner. It gives you a guarantee that your adviser will offer guidance with the best intentions and no ulterior motives. If your financial adviser is not part of the FCA, then it is hard to know if you can fully trust what he or she is recommending.
- Quality advice – The only way to ensure that you have access to financial advisers who really knows their stuff is to use an FCA-registered one. They must meet certain qualifications, and this means that you will get the best-quality advice available. If you choose not to use a financial adviser registered with the FCA, then you cannot be sure that you are working with an expert in the sector.
Would you let someone who is not Gas Safe-registered install your new boiler, or a pilot without a licence fly you to France? Of course not! So why let someone not registered with the FCA advise you on important financial decisions? There is bound to be an FCA-approved financial adviser in your area, so make sure to use one. This will help ensure the best advice and results for you.