What is Independent Financial Advice?

Independent advice is not the only option available.

If you go to your high street bank you may be greeted by a financial adviser, but they could well be ‘tied’ to recommending and promoting the products of the bank, or a single insurance/investment company to which the bank has an allegiance. So, what is independent financial advice and how can clients be sure they are receiving the optimum service?

The Financial Services Authority (FSA)

The FSA is the government watchdog that regulates all financial and insurance firms. This ranges from the largest multinational bank, to the financial adviser operating as a sole trader. The FSA handbook of rules and guidance lays down the laws to which all Independent Financial Advisers must adhere, and the way they treat clients is governed by the ‘Conduct of Business’ (COBS) rules. The rules are freely available from the FSA’s website www.fsa.gov.uk.

How do I know that Ashley Law Mid Sussex provides independent advice?

Ashley Law Mid Sussex Independent Financial Advisers are able to select the optimum product for clients from the whole of the market. This means they we can potentially recommend any product from any company providing it suits our client’s needs and objectives. With such a wide choice of companies, investments and saving tools,  you can be reassured that you are not simply being provided with a standard recommendation, are not being provided a product from a restricted range and are getting personalised advice to align with your specific needs.

We will collect certain details about you and your circumstances to enable us to correctly advise you. Remember to be as open and honest as you can, because the more information you provide, the more accurate Ashley Law Mid Sussex can make recommendations.

All financial advisers have to provide clients with the relevant important disclosure documents, detailing the following: information on services provided by the firm, how the firm is paid for the business it conducts, their complaints procedure, Data Protection and coverage under the Financial Services Compensation Scheme (FSCS).

You can ask to see our disclosure documents at any time, simply contact us for these.

What protection do I have?

At Ashley Law Mid Sussex, we will always endeavour to do the very best for you. Whenever you deal with us, you will receive details on the complaints procedures offered by our firm. If you wish, you can request a copy of these procedures at any time.

When Ashley Law Mid Sussex is advising you on regulated products (including investments, insurance and mortgages) you have the protection of the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS).

If you are unhappy about the advice or service you have received from Ashley Law Mid Sussex, you should contact us first. This gives us the opportunity to put things right and/or to provide our version of events. Should you remain dissatisfied you can refer your complaint to FOS who will investigate the complaint independently and make a ruling. FOS works with clients and financial advisers to resolve a complaint, and when they do have to make a ruling it is binding upon our firm. However, we are pleased to say that in our history, we have never received a complaint.

Anything else I should know?

Ashley Law Mid Sussex does provide services that are not regulated by the FSA, such as will writing, life planning and cash flow modelling. We will explain to you when you are receiving advice on an unregulated product or service. It is important you are happy with the advice, as you do not have the added protection of FOS or FSCS when dealing with some unregulated products or services. Also, the FSA does not regulate Taxation Advice and some forms of mortgages.