IFA Promotion recently disclosed that some distribution firms and lead generation sellers are misleading consumers by placing sponsored adverts on the internet. They want the FSA to step in and stop these practices which often mislead the consumer.
It is very easy now to set up online adverts with the likes of Google. This sponsored links appear on the top and right hand side of the page. All of these adverts are paid for and are shown according to the phrase or words you type in to the Google search box.
As there is no real regulation, lead generation companies will advertise “independent advice” or “independent financial advice” when in fact they cannot provide this service. They will sell the details of any enquirer on to other companies who will then contact you. We think this system is unfair and does need investigating.
The better companies will be upfront when explaining what they do rather than hiding important facts.
Enhanced Wealth Limited is an independent financial adviser (IFA) but only offers advice on mortgages and protection products such a life cover. If someone approaches us for pension’s advice or independent investment advice then we would be able to refer them to an IFA who is part of a small network of IFAs who we work closely with. Each IFA has a specialist area of independent advice and we ensure clients are passed to the best IFA based on what they need.
So, the next time you search on the internet just be a little cautious about the websites that are advertising their services. Check them out first before you pass over any personal details.