Tuesday, 2 November 2010

Unauthorised Advisers about


  • Never use an unauthorised adviser

  • I only recommend DGS, CNMV & FSA regulated advisers

  • Check your advisers qualifications

I received a cold telephone call from someone who identified themselves as a QROPS adviser. Normally I’d say I don’t take cold calls, but naturally the subject intrigued me – to say the least.

My first question was ‘Are you regulated?’ The answer was ‘No’. There was no need for a second question!

As my regular readers will know, I never, ever, deal with unauthorised and non-regulated advisers. The only regulators that I recognise are;

Comision Nacional del Mercado del Valores is the principal financial services regulator in Spain and responsible for authorising investment products. A CNMV adviser can be recommended, please click here

Direccion General de Seguros y Fondos de Pensions is the Spanish regulator for insurance products which can be marketed in Spain. Email me to be referred to an authorised adviser.

The Financial Services Authority is the UK's financial services regulator. Many British clients prefer a UK adviser and have dealt with FSA regulated advisers in years gone by. For an introduction to recommended adviser, with experience in Spain, please click here .

Apart from the question of authorisation and regulation, I firmly believe that you should also ask any adviser what qualifications they have. There are minimum standards set in the UK by the FSA, but these are less clear in Spain. Many advisers will show you their membership card of the CII (Chartered Insurance Institute) and the FPS (Financial Planning Society) and these are ideal qualifications.

If you have any doubts about an adviser’s qualifications, you can always email me and I will give you an opinion.