CA warns consumers to beware of financial advisers

While the CA admitted that many advisers are trustworthy and provide an excellent service, recent scandals such as pension and endowment mis-selling have shown how easy it is to fall victim to fraudulent or incompetent advisers.

The CA blames the commission system is at fault as there is a built-in incentive for advisers to recommend products or actions that produce high commissions.

Jonquil Lowe, the author of Be Your Own Financial Adviser, said:

‘Be Your Own Financial Adviser cuts through the confusion and arms consumers with the knowledge they need to manage their own financial affairs, get a fair deal from a professional adviser, or recognise a shark.

‘In straightforward language and with numerous case studies and tips, the book shows you how to identify your financial needs and create a plan to meet them, just as a financial adviser would do for you. It also incorporates all relevant Which? research on the subject."

The guide includes details of all-in-one mortgages, buy-to-let, changes to the tax system, and internet security tips.