What are the basic responsibilities of an Independent Financial Adviser?
My wife and I feel ill advised by our IFA and mis-sold to with our investment. After selling us the particular investments they sat back and did nothing while our investments went from bad to worse. Pete & Jane Mills. Generally an IFA must give ‘best advice’. In order to this they must ‘know their client’. These are two fundamental principles of providing good advice and treating clients fairly. Knowing a client means conducting a very thorough initial review to learn about a client’s current financial circumstances, their aims and objectives, and of any anticipated changes that may occur (e.g. marriage, children, divorce, retirement etc.). This information needs to be updated as it is constantly changing, so regular reviews are necessary. The advice, and implementation of those recommendations, must reflect the needs of the client, and an adviser must confirm in writing the reasons for the recommendations and why they are suitable in your circumstances. If investments have performed p
