It may not yet be widely known, but from April of this year, the Financial Conduct Authority (FCA) will take over the regulation of our industry - specialist pensions claims management activities. What may be even less well known - if you are an Independent Financial Adviser (IFA) - you will be affected.
How so? Well, you are probably aware that you need to be regulated as a claims management firm to handle claims management activities. But from April, you will need to be regulated specifically for claims management activities, even if you simply choose to advise a client about a problem that you have spotted, where you did not provide the original advice.
In short, if you wish to provide advice on whether or not you think a claim may be successful, or talk through the process of pursuing a claim, or advise on how to present a claim - then all of that will be caught by the new FCA regulatory regime.
This will represent quite a change in the landscape for many IFAs who have helped clients in the past. The most pressing issue will be problems spotted that previous advisers have created, or the broad pursuance of claims management activity as above.
There will be a straightforward choice - walk away from offering such a service, apply for the relevant regulatory permission, or refer clients to a claims management firm. This is the point at which you traditionally recoil in horror! "Refer?" - to those people!
However I'm keen that you don't confuse some aspects of claims management that have historically created concerns. For example some PPI firms buying up data lists and then bombarding potential clients with text messages, cold calls and emails. Other issues have been well publicized concerning the presentation of spurious or malicious claims in the dreadful hope that some mud might stick.
These approaches are anathema to my firm - and for the avoidance of doubt - we have never purchased data lists or indulged in any form of direct marketing. Our clients are either introduced to us by their adviser, or they find us via Google searches.
Ad it makes perfect sense for IFAs to refer clients to us. My business partner was an IFA for 30 years, and I too have worked within the industry for decades. We established our firm with the prime aim of obtaining fair compensation for clients who had fallen victim to scammers.
This is where it makes perfect sense to refer to us. If you come across a client, in the normal course of your work, who has either made a bad choice since the last time you met them, or has been badly advised prior to your involvement - then that's the perfect time to refer.
Why refer to us? Good question! We believe that there are four compelling reasons to choose Assist.Claims
- Our high success rate - we have won 82% of FSCS claims - well above their published average
- We achieve higher awards - again well above the FSCS published average for this class of claims activity
3. Our Fees are very competitive within the industry - and we can offer a referral/introducer fee - which you can either accept, or reinvest that value into a lower fee for your client.
4. We work very quickly. FSCS advise clients to allow up to six months for claims to be determined. our most recent claims have been determined withi weeks - some within 6 weeks of submission.
It's going to be a big change - but it could also represent a great opportunity to become more proactive in referring any affected clients. Putting clients first is our passion. Putting them back to where they should have been is our aim. there is no feeling quite like calling a client to give them good news!
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