IFA Promotion clarifies the key facts...about Key Facts

Visit www.unbiased.co.uk or call 0800 085 3250 to find out how you can make the new disclosure documents work for you, before you see a financial adviser

As part of its campaign to tackle consumer confusion around financial advice, IFA Promotion has produced a free factsheet to explain the Key Facts disclosure documents, and what they mean to people seeking financial advice.

The factsheet explains in clear terms how readers can use the mandatory information covered by the two Key Facts documents: About our Services, and About the Cost of our Services.  It clarifies the distinctions between the status of financial advisers, and how people can use the costs document as a tool to discuss and compare value with different advisers.

David Elms, Chief Executive of IFA Promotion, says, “Advice-seekers have been faced with these Key Facts documents since the far-reaching reforms to financial advice took effect last June.  They were designed to make the process of identifying different types of adviser and their payment options simple and up-front, but they can often stretch to several pages, and we believe people need to understand what they are and how to use them before they see an adviser.  In effect, the Key Facts document should arm people to shop around between local advisers, by understanding the type of advice they can give on different products, and what their services are likely to end up costing.” 

People can download this factsheet from www.unbiased.co.uk or call 0800 085 3250 to request a copy in the post, along with details of local IFAs.  IFA Promotion also offers a free guide to finding financial advice, which recently won a Plain English award, via the same routes.

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You can view a copy of the factsheet directly at http://www.unbiased.co.uk/find-an-ifa/factsheets/get-your-key-facts-straight-for-financial-advice/

For expert comment or case studies from over 200 media-friendly IFAs, journalists should call IFA Promotion’s Media Services hotline on 020 7294 3682 or search online in ‘Media Services’ at www.unbiased.co.uk

For further information please contact:

David Elms                                          Chloe Merriman

Chief Executive                                   Lansons Communications

IFA Promotion                                     020 7294 3681

020 7833 3131

1.  Independent Financial Adviser Promotion

IFA Promotion was established in 1989 to promote the value and accessibility of independent financial advice to the public.  It represents around 9,000 firms of independent financial advisers across the UK and is sponsored by 32 leading financial institutions. In the past 12 months, over 530,000 consumers and businesses used IFA Promotion to find local independent financial advice.

IFA Promotion believes Independent financial advice should be:

·        Affordable.  The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.

·        Convenient.  IFAs should be available in the location of the consumer’s choice, wherever they live in the UK.

·        Transparent.  It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.

2.        Independent Financial Adviser Promotion’s sponsors