*contrary to popular belief

Aspro - I gather there are Financial Advisers as well as Authorised Financial Advisers but what are the qualifications required to become an Authorised Financial Adviser?

It all came in during the late 80's when I used to work for Prudential. A field force of 9000 representatives were reduced to 3,500 once it became an industry requirement. Suffice to say it is a tough test.

You cannot offer financial advice unless authorised. You cannot be authorised without the required qualifications, but you don't need a degree. That page is slightly misleading.

You will notice when you phone companies that their messages often say that they will not offer advice but can offer information of products available. To offer advice is as I've already said, it is illegal but as you say, you can call yourself a Financial Adviser but you can't legally offer advice.

I have the equivalent CPD (FPC) and I have CeMap, but am now retired. As I'm no longer authorised I too am bound by the same rules.

I bow to your superior understanding of what it takes to be a FA, Aspro. Yet there is no doubt that financial advice is currently being doled out contrary to the best interests of clients, and it is very difficult to legislate the practice away.

*cannot

The same applies to those that were advised interest-only mortgages. There are many adverts circulating for compensation and it is worrying as I done quite a few, however; on all paperwork it was clearly advised of the repercussions of not having a repayment vehicle. At point-of-sale, on subsequent letters confirming their decision and on all paperwork received from the lender etc.

After doing my own research it is clear that most people made a fortune anyway on the growth of their properties and claims are very unlikely to result in compensation. Nevertheless, it is still one of those areas that gives me a few sleepless nights.

The old financial planning certificate was a joke. Even the upgraded Level 4 Diploma isnt exactly testing.

To be fair in those days the average advisor was like a second hand car salesman.

The FPC should have been easily achievable by anyone who had a couple of 'O' Levels.

Sadly, at 58 I have to say that I no longer trust the vast majority of larger companies - and plenty of smaller ones, as well.

From hiring a skip (what a blo**dy trial that is) to buying a car, too many companies hide behind so called legislation in order to prise more money of their customers.


Yes, there is plenty of 'nanny-state' legislation but a lot of it is being hugely mis-interpreted by jobsworths and rip-off merchants.


This has become a sad country now with cheap and nasty becoming the norm.


Gone seem the days where a company grew and grew through selling goods or services at good prices without any fuss or faff. Now, they don't even seem to care if you use them again providing they can rip out your wallet just once.


And, as for the constant customer reviews we are all sent to fill out...well, don't start me off.

Aspro,a relation of mine went to work for the pru in the 90s.when he started up he was sent to a state of the art learning centre think it was in Newport Parnell.he said that all the emphasis was on know your customer & customer care as well as a thorough knowledge of their products,he was there a good few weeks & passed all his modules &fp1&2. When he got back to his sales office it was a different story though,he was told to forget school & get sales by any means possible,he said the pressure for sales was horrendous.when he packed it in after a year or so he was on the edge of a nervous breakdown.classic case of a company seen to be doing everything by the book but in reality using cowboy tactics.i had quite a few things with the company at the time but shifted it when I heard his stories.