Money Talks
by Gerald Davies, executive chairman, Kymin Group
Huge changes, that you may not be aware of, have transformed the way financial advice may be given. From January last year, with the introduction of the Retail Distribution Review (RDR), no one is permitted to give investment or pensions advice without having passed several exams.
This is the case, however long the individual adviser has been in the industry. So, in order to be sure that the person offering advice is qualified to do so, you need to check whether their qualifications are in order. You can check this on the Financial Conduct Authority (FCA) website. The FCA is the body that regulates and authorises firms who give financial advice.
There is one more check you should make. Does the person advising you have a “Statement of Professional Standing”. This is a certificate, renewable every year (or not). It will show if the person is entitled to offer you advice. Not only will this statement confirm that they are qualified but it also indicates that they have completed at least 35 hours of training in the previous 12 months. This is important because you do not want to be advised by someone whose knowledge is out of date.
It may be, that the firm that has been advising you, no longer offers advice. If so, are you still being charged an annual amount for a service you are no longer receiving?
One last thing that you should be aware of; there are so-called “ghost advisers”. The FCA is very interested in them. They are unqualified people whose advice is not governed by the new rules. They may have a relationship with an adviser firm, but you need to be speaking to a qualified person.
It goes without saying that all our financial planners at Kymin have the required qualifications as a minimum, and can produce their Certificate of Professional Standing.
These new regulations are for your protection. If in any doubt, you are welcome to contact Kymin on Newport 840000 or pop into our office at the top of Bridge Street.
Don’t have nightmares….check out your adviser.
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