Independent financial services firm Fair Investment Company has added another string to its bow with the launch of its investment advisory service.
- Expert independent advice - unbiased and unrestricted as defined by the FSA’s Retail Distribution Review
- No product or fund bias
- Competitive charges - all fund discounts passed on to customer
The service, which has been set up in order to comply with the FSA’s rules as set out following the Retail Distribution Review, is completely independent, unbiased and unrestricted.
"We already offer a wide range of investment services including a funds service, which allows customers to take control of their own ISAs and investments and get discounts of up to 100% on initial charges,” explains Nick Scarrett, head of investment and pensions at the firm, "but up until now this has been provided on a non-advisory basis.
"A recent survey of our customers revealed that although the majority do not seek financial advice before investing and are perfectly happy doing their own research using all the tools and information we provide, more than a third (36%) do want financial advice.
“This service is for those who feel they do want to speak to someone independent before making any decisions about their money."
The new advisory service means that Fair Investment Company now offers a broader range of options to its customers, enabling them to research investment products, buy online, transfer and top up existing investments, consolidate investments and obtain a full range of independent advice covering pensions, investments, protection and mortgages.
With the Fair Investment advisory service, customers get independent advice from a qualified and regulated financial adviser and a choice of services, with payment by fee or commission.
"When a customer pays by fee, if we receive commission from the product provider when they buy a product we will pass on the full value of that commission in order to reduce our fee. This not only saves the customer money, but it shows that our decisions are not being affected by commission levels so they can be sure we are acting in their best interest at all times," explains Nick.
"Customers can also choose to pay by commission in which case they do not pay us a fee up front. However, we will always tell them exactly how much the commission will be before they complete any investment, and as the commission for investments and pensions is set at the outset, there is no product or fund bias, which again demonstrates our independence."
Nick says he is really pleased Fair Investment Company can now offer advice, and thinks it is important to be well prepared for when the RDR rules come into play in 2013, "this service is going to be really beneficial to our customers," he said, “and, while many advisers are still not transparent about the way they are paid, our RDR compliant service means that our customers know that now, and going forward, they are getting truly independent advice."
Find out more about Fair Investment Company’s new investment advisory service.