There are certain jobs (not just in the financial sector) that require companies to be regulated to legally carry out their roles. Being an independent financial adviser is one of them. Individuals could be forgiven to presume that any financial advisory firm advertising in magazines, newspapers or on the radio are fully licensed and regulated – unfortunately, that is not always the case.
Regulations and licenses are vitally important as they provide clients with a level of protection, not only in real-time (i.e. when advice is actually given) but also post advice, should recommendations be deemed inappropriate or negligent.
Equally important, however, is that the individual you are dealing with is fully qualified to act as a financial adviser. The UK has tightened its laws in recent years meaning that advisors now have to obtain level 4 status (Diploma level) before they are able to give advice. This requirement has not yet reached the Spanish coastline but it should hopefully only be a matter of time.
You can check the qualifications of your adviser by visiting the following link;
The designation of “DipPFS” will be shown next to the adviser’s name, should he or she hold the Diploma. Any other designation may mean advanced qualifications, whereas no designation would suggest they are not level 4 qualified.
At Jennifer Cunningham Expat Services we are proud to work two fully qualified advisers, both of whom hold the diploma in Regulated Financial Planning. Our other member Joe has commenced the rigorous examinations and is also on the way to becoming a fully qualified adviser. Within our region in Spain, to have one fully qualified adviser is somewhat uncommon, but two advisers sets us apart.