Compass provides impartial, independent financial advice, selecting products from right across the market to suit you and your circumstances.
What’s different about an Independent Financial Adviser?
If you go to your high street bank you may be given advice by a financial adviser who is restricted to recommending the products of the bank or a small number of insurance/investment companies. At Compass, we do things differently – providing impartial, wholly independent financial advice, selecting products from right across the market to suit you. We’ll ask you for certain details about you and your circumstances, and use these to give you personalised advice. For Investment and Pension advice we don’t receive a commission from any financial providers, just a fee from you for our services. This means that whatever you’d like to do with your money, we’ll only recommend what’s right for you, so you can be sure we have your best interests at heart.
What protection do I have?
Just like all financial advisers, we have to provide you with the relevant important disclosure documents, detailing the following: information on services provided by the firm, how the firm is paid for the business it conducts, their complaints procedure, Data Protection and coverage under the Financial Services Compensation Scheme (FSCS). You can ask to see our disclosure documents at any time – just ask us.
We will always try to do the very best for you. When we advise you on regulated products (including investments, insurance and some forms of mortgages) you have the protection of the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS). If you are unhappy about the advice or service you have received you should firstly contact us, which gives us the chance to put things right. If you are still not happy you can refer your complaint to FOS who will investigate it independently and make a ruling. The FSCS is also there to help you should a firm ever become dissolved or unable to meet its obligations.
How are you regulated?
We are required, for regulatory purposes, to be authorised and monitored by the Financial Conduct Authority (FCA). The FCA is the Government watchdog that regulates all financial and insurance firms, from the largest multinational bank, to the financial adviser operating as a sole trader. The FCA handbook contains the rules all Independent Financial Advisers must adhere to, and ‘Conduct of Business’ rules outlines the way they should treat customers. You can see these rules on the FCA’s website www.fca.org.uk
Anything else I should know?
Some financial advisers do give advice on products that are not regulated by the FCA such as general taxation and some Buy-to-Let mortgages. Your adviser will explain to you when you are receiving advice on an unregulated product. When dealing with unregulated produces it is important you are happy with the advice as you may not have the added protection of FOS or FSCS.
The Financial Conduct Authority does not regulate taxation advice and some forms of mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.