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FSA/PN/092/2005
22 August 2005

The Financial Services Authority (FSA), the independent financial watchdog, has published an updated guide to help consumers understand what financial advice is and how to get it.

The guide provides impartial information on how to choose the right financial advice on Mortgages, General or Protection Insurance and Investments* and also gives useful tips on what consumers can expect from a visit to an adviser.

Anna Bradley, Consumer Sector Leader at the FSA, said:

"Consumers say they need and want help with their finances, but they often also say that they turn to friends and family as the most trusted source of advice on financial matters. We hope this guide will be a valuable tool in helping consumers become more confident about seeking and using financial advice."

The guide is part of a wide range of independent, unbiased tools and information available on the FSA Consumer website, which also includes:

• A new "protect yourself" section with useful top tips, do's and don'ts and general information on how consumers can protect themselves when seeking or buying financial advice or services
• Comparative tables to help consumers shop around
• Firm check service to help consumers check if a firm is authorised by the FSA

The guide, and others are also available by calling the Consumer Helpline on 0845 606 1234 or by visiting our Consumer website.

 

* The booklet only covers financial advice on mortgages, investments and general or protection insurance products regulated by the FSA.

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Notes to editors

1. The full guide FSA guide to financial advice is available on the Consumer website.
2. Helping consumers become more capable and confident is the aim of the National Strategy for Financial Capability launched in November 2003. More information on the strategy as well as a progress report can be found on the Financial Capability website.
3. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; promoting public understanding of the financial system; securing the appropriate degree of protection for consumers; and fighting financial crime.
4. The FSA aims to promote efficient, orderly and fair markets, help retail consumers achieve a fair deal and improve its business capability and effectiveness.