Unauthorised Advisers UPDATE

I have written about this before but I have credible information that the problem is getting worse.

Back in November 2010 I wrote this Unauthorised Advisers about

Many of the Financial Advisers operating in Spain are doing so without any regulation, with no authorisation and if anything goes wrong YOU the client has no recourse to putting this right. The only acceptable Spanish Regulators are;

CNMV

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

DGS

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

However it is also right to point out, that, using European law, UK regulated firms CAN apply to be ‘passported’ into Spain. Under those conditions the adviser MUST be authorised in the UK. A recent change in the rules of the Financial Services Authority, surrounding qualifications means that many advisers are no longer authorised.

Also there will be future changes to the FSA which will be covered here at Financial Pages in Spain.

To protect yourself, please ask for help. I can

·       Check the regulation of an adviser you already know

·       Check if an advertisement you see is from a valid company

·       Recommend properly qualified and regulated advisers who ARE authorised in Spain

Just email me your details with anything you want to ask

David Goodall

Financial Pages in Spain

davidgoodall.spain@gmail.com