Dear eolake-ga,
For independent professional advice in the UK, it is best to consult
an Independent Financial Advisor ?IFA?. Recommendation is obviously
the best route. Ask around your business contacts and the local
Chamber of Commerce. Business Link (a government initiative) has local
representatives who will be able to make recommendations.
http://www.businesslink.gov.uk/bdotg/action/directory
Failing that, you can visit the web site of IFAs. IFAs are regulated
by the Financial Services Authority, the financial regulators for the
UK. The main difference between a IFA and, let us say, a business
advisor employed by a bank, is that an IFA has knowledge of, and can
recommend any financial product, while a bank advisor will be
restricted to the bank?s products (referred to as a tied agent).
The IFA earn their money either by an agreed fee paid by the client,
or commission on the sale of the product. If it is the latter, they
must disclose to you the amount they will receive. They can advise on
personal, as well as business finance.
"IFAs are bound to the Financial Services Authority rules, which
obliges them to provide advice most suited to your personal
requirements and your risk outlook. When financial products are
recommended they must take into account the benefits provided,
charges, flexibility, service and financial strength.
All IFAs must be authorised and regulated by the Financial Services
Authority and are obliged to offer what is termed 'suitable advice'.
This means that they have to gain a full understanding of your
circumstances and requirements before helping to choose any financial
products (they will record your information so you can double-check
that they really have understood).
In addition, when recommending a product all financial advisers have
to provide written reasons why they think that it is right for you -
again to make sure that you are fully informed before committing
yourself to anything."
This except comes from the IFA web site which is very comprehensive
and with many fact sheets on IFAs.
For instance -
"An IFA can find the right product for you - includes information on
how to find the right IFA, questions to ask and what to expect from
your first meeting."
"Guide to IFA qualifications"
"An IFA can help your business make the right moves"
"How IFAs make their money"
"An IFA can help you fight back against the taxman"
You can use their search engine to find an IFA based close to you.
http://www.unbiased.co.uk/
The Financial Services Authority has advice on their web site on
choosing a financial advisor. The site is a little ?cramped?, but
click on Financial planning > How do I get financial advice.
The topics covered are:
Can an adviser help you shop around?
How do I get financial advice?
Financial advice and your rights?
http://www.fsa.gov.uk/consumer/financial_planning/index.html
Once you have selected a IFA, you can check with the FSA web site to
ensure they are registered with them and if any disciplinary
information is recorded against them. An IFA will invariably be
registered with a professional association or body, or have various
qualifications. Again, you can check with those bodies to satisfy
yourself as to their bona-fides.
If a ?financial product? is not the solution, and you are only seeking
tax advice, then you will need an accountant. (Many IFAs are
accountants anyway). You can visit The Association of Chartered
Certified Accountants and search for an account in your area.
http://www.accaglobal.com/finding_an_accountant/links_page.html/
Or, the Institute of Chartered Accountants directory
http://www.icaewfirms.co.uk/
I hope this answers your question. If it does not, or the answer is
unclear, then please ask for clarification of this research before
rating the answer. I shall respond to the clarification request as
soon as I receive it.
Thank you
answerfinder
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