When buying insurance, applying for a mortgage or getting financial advice, you should always check that the firm you’re dealing with is registered and regulated before you hand over any money. If it is not regulated and things go wrong, you will not have access to complaints procedures or compensation schemes.
You should be aware that authorised or registered firms are unlikely to contact you out of the blue and if you are approached by a firm claiming to be authorised or registered, ask for their contact details and always call them back on their switchboard number rather than a direct line.
You should make additional checks to confirm that you are dealing with an authorised or registered firm and have the correct contact details, especially if you have been ‘cold-called’. Some of the best ways to do this include checking on the firm’s website, with directory enquiries or Companies House.
You can use an advisor to help you shop around, but you need to be clear on the limits of their advice. Some advisers can tell you about all the products on the market, some will tell you about a limited number of providers’ products from a panel they use, and some advisors will only tell you about their own company’s products.
Baines and Ernst Ltd