Beware Advisers Faking Qualifications

Beware Advisers Faking Qualifications.

Sadly, this week we have seen two of the seedier sides of financial advisers.

High Risk for Terminal Client

In one case, a financial adviser has been ordered to pay compensation of £100,000 because he advised a terminally ill client to move his pension to a high risk specialist gas/oil investment which resulted in the collapse of the project and thus a near total loss of the now deceased’s pension funds, leaving the widow destitute.  No doubt a huge “commission” was paid for investing in the fund”.

You must be careful if you see unregulated collective or highly speculative investment ‘opportunities’ .  We have a saying here:  “You can only con a greedy person”.

Financial Adviser Faked Qualifications

Many may not know, but to be registered as a financial adviser you must have high level qualifications.  You must then maintain your professional knowledge completing through the year a “Continuous Professional Development” (CPD) programme.  This usually involves around 30 hours of structured study/learning and 100 hour of unstructured learning/keeping up to date. 

This knowledge each year must be registered with an adviser's professional body, in our case as Fellows and Associates of the Chartered Insurance Institute and Personal Financial Society and being Chartered Financial Planners, it is the Chartered Insurance Institute.  All financial adviser’s must apply each year to their professional body to secure a Statement of Professional Standing (SPS).

This week, a financial adviser has been 'struck' off by the Financial Conduct Authority and banned from working within financial services.  Despite the FCA requesting a copy of the adviser’s SPS on a number of occasions, she continually suggested that her professional body had delayed issuing it and then, actually made fake certificates twice.  Eventually the Chartered Insurance Institute was contacted by the FCA and told that the adviser did not have enough suitable qualifications.

Comment, if in doubt always check with the Financial Conduct Authority via the FCA register and the Professional Body that the adviser claims to be a member to check that they are authorised.

For the record, If you want to have a look at our two financial advisers certificates, here they are. 

Statement of Professional Standing Ashley Clark

Statement of Professional Standing Joanne Roberts

In addition, you are more than welcome to telephone the CII.  For regulation, you can also contact the FCA or its register, our FCA number is 192598.