What Is a Financial Adviser Register?
Financial Adviser Register
Financial Adviser Register contains information on where an adviser has worked, their professional qualifications, membership of certain professional organizations and what products they could recommend to you. Moneysmart site also provides information on how to select a financial adviser with the help of the various profiles available there. These companies also provide other services like providing investment advice and creating financial plans. All you have to do is provide some basic information such as your name, address, mobile number and your designation or job description.
Once this information has been received from the company, it will be cross verified by the internal review team for accuracy. If your details are found to be accurate, the company will send you a registration confirmation to that effect. The registration confirmation needs to include your full name, designation or job description, address, telephone number and email address. Financial Adviser register ensures that all the necessary background checks are done.
On completion of the registration, a new professional profile will be created and this is to ensure that all the information provided by the applicant is true and correct. A new password will be set and a reference number will be issued to the applicant. These references can be asked to attend seminars, workshops or consult a financial planner on a regular basis. If all these requirements are met, the applicant will receive their professional registration card.
What Is a Financial Adviser Register?
There are many professionals such as financial advisers, financial planners, insurance agents, estate agents and probate solicitors who work hard to help people manage their finances. However, there are many individuals who are not licensed to practice as financial advisers, accountants, financial planners or insurance agents in the UK. These individuals do not have a professional license to practice as these professions require qualified exams and other documents to be submitted to the licensing authority. To protect the interests of these licensees, the licensing bodies require that these licensees maintain a register of their professional activities. The professionals are required to pay a fee for the professional license register which helps to protect the interests of these licensees.
There are three categories of licensees – the licensed Practicing Supervisors (PSR), the Licensed Practicing Securities Agents (LPSA) and the authorized dispensers or agents of the UK Financial Services Authority (FSA). The FSA regulates these professionals by setting out standards of quality of performance, supervision and licensing. Professionals are required to maintain their licenses at all times and those professionals who fail to do so face a penalty. These professionals must also maintain their membership of the Institute of Chartered Accountants of India (ICAI) and must hold a postgraduate degree in finance or accountancy from an approved UK university.
There are various reasons why a person may need to get a financial adviser register. An individual who wishes to work in the financial services sector may need to hold a solicitor’s licence and a business licence from the Solicitors Regulation Authority. A financial adviser can also be required to hold an IPAD before working in the UK. A person can also get a solicitor’s licence, however, this will only be valid for five years at most. A financial adviser can also get an unlimited licence which allows him or her to deal with one client as long as he or she continues to keep the register up to date.
