Where to turn
Unfortunately, the path to finding good financial advice can often be confusing and misleading one, there isn’t any route neatly marked out by LED strip lights! Often we as consumers turn to newspaper money sections, online money advice websites, our local bank or even friends and relatives. Unless we have something very specific, and potentially complicated in mind, we are unlikely to employ the services of an Independent Financial Adviser, even though these are the people best qualified to offer advice on pensions and investments.
These same Independent Financial Advisers or IFAs are now concerned that the government seems to muscling in on their act, with the launch of a new Money Advice Service which is being organised by the Financial Services Authority. The body that represents IFAs has said he is unclear what kind of “advice” the new telephone and online service can offer, as legally it cannot give out independent advice on pensions and investments – only regulated IFAs can do that.
The government service claims it will only be offering “money” advice; but what is the difference between “money” advice and “financial” advice? It’s no wonder we consumers often get confused by the array of products and services out there if even the bodies offering us help can’t agree on what help they can provide!
Basically, the Money Advice Service will be able to give you help if you are struggling with debt, wanting to find out which might be the best credit card deal around at the moment or advice about the best bank accounts for your financial situation. For anything more complex, like pensions or investments, you should stick with the professionals.
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