What ifa & wealth advisers do

Financial advisers give regulated advice on investments, pensions and retirement planning. Since the Retail Distribution Review took effect in 2012, UK advisers must hold at least a Level 4 qualification and must describe their advice as either independent, meaning it considers a sufficient range of relevant products across the market, or restricted, meaning it is limited to certain product types or providers. The distinction is a regulatory definition under the FCA's Conduct of Business sourcebook (COBS), not a marketing label, and a firm must tell you which applies before advising you. Wealth managers combine advice with discretionary or advisory portfolio management, which are separate regulated permissions visible on the FCA register.

Regulation, and how to verify a firm

Every firm giving investment advice in the UK must appear on the FCA register at register.fca.org.uk with the relevant permissions: check the firm reference number, the individual adviser's status, and whether the firm is directly authorised or an appointed representative. Adviser qualifications are evidenced by a Statement of Professional Standing issued by an FCA-accredited body. Investment advice from authorised firms is covered by the Financial Ombudsman Service for disputes and by the Financial Services Compensation Scheme up to £85,000 per person per firm if the firm fails. Advice from unauthorised firms carries none of these protections.

Fees and commission

Since 2013 advisers cannot take commission on new retail investment products: they charge fees, typically an initial percentage of assets (commonly 1 to 3 percent), an ongoing percentage (commonly 0.5 to 1 percent a year), fixed project fees or hourly rates. The FCA requires clear disclosure of total charges in cash terms, including platform and fund costs stacked on top of the advice fee. Ask for the all-in annual cost of ownership in pounds, not just percentages.

Questions to ask before instructing a firm

Are you independent or restricted, and restricted in what way? What are your initial and ongoing charges in cash terms on my portfolio size? What ongoing service do I get for the ongoing fee, and how do I cancel it? Who holds custody of my investments? What is your firm reference number and are you directly authorised?

How this index is compiled

Every firm in this index is drawn from public records and verified against the Companies House register for incorporation, registered office and active status. Where a sector is FCA-regulated, firms are cross-referenced against the Financial Services Register; where it is not, the listing states what verification is available instead. Each firm has a single dedicated page showing its registered details, and firms can claim their listing to correct or extend the public record. The index is refreshed as Companies House filings change, and firms that dissolve or cease trading are removed. Inclusion is free and automatic from public data: no firm can pay to enter, leave or reorder the editorial index, and paid tiers change presentation on a firm’s own page only. Errors can be reported through the contact page and are corrected against the primary record.

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