I was very interested to learn of your website after searching for
"endowment misselling" using a search engine. I haven't looked
at the site fully yet, but have found it most helpful. I am a Trainee
Solicitor in Peterborough and am also commencing the Financial Planning
Certificate to hopefully become dual-qualified as an IFA. The reason
I am contacting you is to suggest that you put some details on your
website about Solicitor-IFAs who, I believe, help avoid some of the
problems you outline on your site. Firstly, Solicitor-IFAs are bound
by the same rules of professional conduct as every other solicitor in
the country and must, therefore, act in the best interests of their
clients. This includes only recommending a financial product which is
suitable to a client's needs, circumstances and risk profile and helps
avoid any possibility of products being chosen solely by reason of the
commission earned. It also means that the client is given the fullest
information possible on the product and exactly what commission is earned
(with a choice of paying fees based on an hourly rate in the traditional
way or foregoing a rebate of commission in lieu of fees). Secondly,
if the above action is "bolting the barn door after the horse has
bolted" then Solicitor-IFAs are also there to help with Financial
Services litigation (for example, in the field of pension or endowment
misselling). If you do decide to refer to Solicitor-IFAs on your website
(possibly in the "Legal Action" section?) then perhaps you
could create a link to www.solicitor-ifa.co.uk which allows anyone to
search for such a specialist in their local area. I appreciate that
you may not fully agree with what I have set out above given my standpoint
but I would hope that I have at least informed you of an area you may
have previously overlooked and which may merit further consideration.
